Standard Lithium Ltd. closed a bought-deal offering, including the partial exercise of an overallotment option, to raise gross proceeds of C$11.4 million.

The company said March 21 that the fundraising comprised 11,390,500 units priced at C$1 apiece undertaken with a syndicate of underwriters led by Canaccord Genuity Corp. and including PI Financial Corp.

Each unit is made up of one share and half of a warrant, with each whole warrant exercisable at C$1.30 per share until March 21, 2022.

Standard Lithium, which has developed its own selective extraction technology, will use part the proceeds to complete a lithium extraction pilot plant and advance its LANXESS lithium brine project in Arkansas.

Funds will also go toward working capital and general corporate purposes.