E3 Lithium Ltd. has increased the size of its previously announced best-efforts public offering from approximately C$8.5 million to gross proceeds of approximately C$10 million, driven by strong investor demand.

Under the revised agreement with a syndicate of agents led by ATB Cormark Capital Markets and Canaccord Genuity Corp., E3 Lithium is offering 11,115,000 units at a price of C$0.90 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to purchase an additional common share at C$1.10 for a period of 36 months following the closing date.

The company also granted the agents a 30-day over-allotment option to purchase up to an additional 1,667,250 units on the same terms. Closing of the offering is expected on or about September 24, 2026, subject to regulatory approvals including that of the TSX Venture Exchange.

Net proceeds from the financing will be directed toward advancing the Clearwater Lithium Project and supporting general working capital requirements. The units are being offered through a prospectus supplement filed under the company's existing Canadian base shelf prospectus, excluding Québec.

E3 Lithium is concurrently completing the Clearwater Project Feasibility Study and Front End Engineering Design supported by federal funding, alongside the conditional approval of Phase 3 of its Demonstration Facility located east of Olds, Alberta. The company previously executed a contribution agreement for up to $36.5 million in non-repayable funding through Natural Resources Canada's Global Partnerships Initiative to accelerate the project.

During the trading session coinciding with the financing announcement, E3 Lithium shares are down 20.00% to C$0.80 on the TSX Venture Exchange.

Read the full announcement: E3 LITHIUM ANNOUNCES UPSIZE OF BEST EFFORTS EQUITY FINANCING TO $10 MILLION