The pricing is at 58c per new share.

The raising follows a $47 million equity placement to institutions earlier this year at 40c per new share.

Firefinch said in June it could not concurrently undertake an SPP at the time of the institutional fundraising because market legislation prevented two SPPs being undertaken within a 12-month period.

That period has now passed.

The new funding will also go towards work at Firefinch's Goulamina lithium asset in Mali, which is to be spun out into a separately listed ASX company called Leo Lithium.

Firefinch shareholders will get shares in Leo.

Meanwhile, Firefinch said it continues to target debt funding of US$50 million for its businesses in Mali and is in "advanced discussions with financiers".

Shares in Firefinch were down 8.5% to A59.5c in midday trade, capitalising the company at $551 million.