Reedy Lagoon Corp. Ltd. said April 3 that its shareholders approved the acquisition of three lithium brine projects in Nevada.

The company expects to incur expenditures of about A$970,000 to advance the projects to drill target stage.

Reedy Lagoon will now aim to raise A$2.1 million via a 4-for-9 nonrenounceable entitlement offer at 3 Australian cents apiece to fund project development costs.

The entitlement offer is scheduled to open April 4 and close April 13.