(Updates with the stock move in the headline and the first paragraph.)

Snow Lake Resources (LITM) shares were down more than 27% in recent Friday trading, a day after the company said it priced a best-efforts offering of 16 million shares at $1 per share.

Proceeds from the offering, expected to close Jan. 27, will be used for working capital and general corporate purposes, the company said.

Price: 1.01, Change: -0.38, Percent Change: -27.41