The company received firm commitments to place around 95.3 million shares at an issue price of 5.3c per share, around a 20.7% discount to the last closing price.

Hartleys managed the placement, which was well-supported by new and existing shareholders.

The company will also conduct a share purchase plan at the same price to raise up to a further $2 million.

The proceeds of the raisings will be used to advance the Finniss lithium project near Darwin up until the completion of a feasibility study into a direct shipping ore and spodumene concentrate operation.

An updated resource for the Grants deposit is due within weeks, as well as a maiden resource for BP33.

Grants has a current indicated and inferred resource of 68,000 tonnes of lithium carbonate equivalent at 1.5% lithium oxide.

Core managing director Stephen Biggins said the company was pleased to have attracted strong support for the raising ahead of an exciting period for the company.

"Core's Finniss lithium project is on a pathway to production, and the support for this capital raising is not only a strong validation for the project, but will allow us to continue to aggressively progress its development as well as maintain our strong commitment to growing our mining inventory through nearby discoveries," he said.

"Core's exploration and drilling has proved highly successful to date as evidenced by the discovery of several additional prospects that we expect may lead to further resources in time, including BP33, Sandras, Lees, Hang Gong and Carlton prospects.

"All of these new prospects host high grade spodumene mineralisation similar to Grants."

Shares in Core fell by 12.5% to 5.6c.