The company will raise $7.9 million at 60.9c, a 14.9% premium, via Canada's flow-through share scheme facilitated by PearTree Securities.

The flow-through shares will be immediately sold by Canaccord Genuity via a block trade agreement to select institutional and sophisticated investors, with Sixty Two Capital as joint lead manager.

Critical has also raised $2.3 million at 4.5c per share via an institutional placement.

The company said the raising would fund it for the next 18 months of drilling at Mavis Lake.

Mavis Lake already has a resource estimate of 8 million tonnes at 1.07% lithium oxide and on Monday, the company reported its best hit to date of 74.4m at 1.18% lithium oxide.

"Following the release of the maiden resource early this year, and with continued, exceptional exploration results offering significant growth potential, we are at a pivotal moment for the company and the Mavis Lake lithium project," Critical CEO Alex Cheeseman said.

"We have attracted high-calibre institutional investors and have been well supported by a core base of existing holders.

"The funds from the raise will be immediately put to work, enabling the company to continue drilling in order to deliver resource growth."

Critical shares started 2023 at 4c and have risen as high as 9c. The stock was down 7.5% today to 4.9c, giving it a market capitalisation of $82.8 million.