Atlantic Lithium (ASX:A11) said it will raise up to $16.4 million through a strategic investment from Ghanaian investors and a third placement with Long State Investments, according to a Tuesday Australian bourse filing.

Certain Ghanaian investors, who are clients of IC Asset Managers (Ghana), will subscribe for 25.4 million shares of the firm at $0.197 apeice, for a total value of $5 million. The issue of milestone-linked warrants with an exercise price of up to $0.296 per warrant will also raise $6 million.

Under the strategic investment, its shares issued to the Ghanaian investors will be held on the Ghana Stock Exchange.

In the third placement, the firm will issue 27.4 million shares to Long State at an issue price of 0.146 pounds sterling per share to raise an additional 4 million pounds sterling. The shares are being issued pursuant to the firm's ASX Listing Rule 7.1 capacity. Upon the completion of the third placement, the firm will have fully utilized the share placement agreement with Long State.

It will use the proceeds to progress its Ewoyaa lithium project in Ghana towards production.