Rapid Lithium (ASX:RLL) received firm commitments to place the full amount of its entitlement issue shortfall of AU$1 million, comprising 250 million shares at AU$0.004 per share, according to a Tuesday Australian bourse filing.

The shortfall placement also includes a three-for-two free attaching option, exercisable at a price AU$0.017 per option expiring Oct. 23, 2027, with the issue of 375 million options.

Strata Holdings, one of the firm's largest shareholders, decided to participate in the placement, subject to shareholder approval.

The settlement of the shortfall shares and options is anticipated for Feb. 24.