Lithium carbonate producer Orocobre (ASX:ORE) has backed a lithium explorer and developer, headquartered in Vancouver by participating in their capital raise.
Orocobre is supporting Advantage Lithium’s private placement, by investing C$5 million of its C$12 million raise.
The funds will be used by Advantage for general capital and to fund Advantage’s exploration in Argentina.
After it’s completed, Orocobre will own 33.5 per cent of the fellow Argentinian lithium company.
Shares in Orocobre (ASX:ORE) are trading 1.2 per cent higher at $5.04.