Li-Metal Corp. announced that it has entered into a definitive agreement for issuance of 4,375,000 common shares at a price of CAD 0.29 per share for gross proceeds of CAD 1,268,750 on September 14, 2023. The transaction included participation from new investor Mustang Vacuum Systems, Inc. for an equity stake of 2.75%.

The company will also issue 21,000,000 warrants to purchase common shares. The warrants are exercisable for a period of five years at a price of CAD 0.627 per common share.