Canada Litihum Corp (TSX:CLQ) has competed a $15.85 million private placement with certain credit funds affiliated with Apollo Global Management, the mining company announced on Thursday.
The convertible debenture loan from the private equity firm will be used for working capital and general corporate purposes.
The lithium miner is developing one open-pit mine near Val-D'Or, Quebec.
The announcement comes one day after the company jumped 10% on the Toronto exchange due to its intial run of 99.1% lithium carbonate. Wednesday's peak did not last through the night and the company lost just under 2% Thursday morning.