Patriot Battery Metals (ASX:PMT) raised CA$69 million via a private placement to Volkswagen Group, according to a Wednesday Australian bourse filing.
As a result, Volkswagen now owns roughly 9.9% of Patriot's issued and outstanding common shares. Proceeds will fund the Shaakichiuwaanaan lithium project in Quebec, Canada.
Both parties entered into the previously announced binding offtake term sheet in which Volkswagen's PowerCo will purchase 100,000 tonnes of spodumene concentrate annually from Patriot.
Volkswagen also gained investor rights and became a strategic partner for collaborative exploration via a memorandum of understanding.
The lithium explorer's shares were down nearly 6% in recent trade.
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