The junior explorer has announced an "overhaul" of its balance sheet, including a A$2.7 million director-backed placement at 22.5c, a $1 million loan facility from chair Rick Anthon, and the conversion of almost 70% of its $4.2 million worth of convertible notes into equity.
The placement and conversion are at a 1% premium to recent trading levels, but are far below the 55c price of its strategic $12 million placement to NYSE-listed electric vehicle firm NIO in January.
The terms mean the company will be free of any secured debt and have $9.5 million cash, plus the short-term Anthon loan that will be undrawn at this stage.
Greenwing is drilling its first three holes at San Jorge lithium brine project in Argentina and hopes to deliver a maiden resource before the end of the year.
NIO then has a 12-month option over a portion of San Jorge that could deliver Greenwing US$40-80 million.
It continues to work on developing its Graphmada graphite mine and the Millie's Reward hard rock lithium project in Madagascar.
Madagascar's mining code was recently updated.
Greenwing increased resources at Graphmada to 61.9 million tonnes grading 4.5% fixed carbon for some 2.7Mt of contained graphite just over a year ago, and has been talking about a much larger stage two development if operations resume.
Graphmada previously operated for Greenwing (then known as Bass Metals) in 2018-20, producing 500t per month.
Millie's Reward is a virgin discovery in the same region. While essentially undrilled, surface sampling recovered up to 7.1% lithium and trenching returned 31m at 3.72%. Mapping has outlined a 10km-long pegmatite swarm.
Greenwing shares were up 4.5% today at 23c, valuing it at $34.5 million.
The stock has traded between 17-46c over the past year.