Lithium Energy has raised $6.4M in an oversubscribed share issue to fund development work at its various lithium and graphite projects.

The company issued eight million shares at $0.80 per share and the newly-acquired funds will support development work at the Solaroz Lithium Brine Project in Argentina and the Burke and Corella Graphite Projects in Queensland.

Canaccord Genuity in Australia acted as lead manager to the issue.

Shares of Lithium Energy are up 17% the past six months.