Core Lithium (ASX:CXO) received binding commitments to raise AU$120 million through the issue of about 571 million new shares at AU$0.21 apiece, according to a Thursday filing with the Australian bourse.

In tranche one, 254 million new shares will be issued to raise around AU$53 million. In comparison, 317 million new shares will be issued in tranche two to raise about AU$67 million, subject to shareholder approval, the filing said.

Proceeds will be used to advance the Finniss operation in the Northern Territory, in line with the final investment decision, per the filing.