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Accelerate, which has a headline market value of about 1% of that capitalisation, is acquiring the ground from vendors including Mark Thompson and Grant Mooney for staged cash payments (totalling $700,000) and shares.
The Yaxi Zhan-led Accelerate has received $3.6 million in commitments for new shares priced at 2c each.
Thompson, of Talga graphite fame, is participating in the fundraising, as are Accelerate directors.
The ground being acquired includes a prospect called Prinsep where work by Accelerate's exploration team is said have identified two parallel zones of spodumene-rich, lithium-bearing pegmatite systems over the 2km width of the tenement area.
"Based on satellite image interpretation, the Southern Pegmatite System is less than 1km along strike from the Kobe lithium project (… held by GreenTech Metals)," Accelerate said.
"These mineralised zones represent a new lithium discovery 15km from Karratha and have never previously been drilled.
"A number of the due diligence surface samples show the presence of coarse spodumene crystals within the pegmatites resulting in significant grades."
Accelerate had $2 million cash as at the end of June.
It raised $3 million at 2.8c per new share late last year for other lithium ground it holds in the Pilbara region, as well as for manganese and gold exploration.
Shares in Accelerate were up 22% to 2.8c in afternoon trade, captialising the company at $10.6 million.
