The company will also be issuing a 1 for 1 free attaching listed option exercisable at $0.003 expiring on or before 31 December 2020 pursuant to the placement.
Caeneus will use the funds toward exploration efforts at the Columbus Marsh Project in Nevada and the Pardoo Nickel Project in Western Australia.
The company recently discovered highly anomalous lithium brines within a shallow aquifer at the Columbus Marsh Project.
The lithium bearing brines were intersected at a depth of 79.25 meters and continued to a depth of 103.63 meters resulting in a width of the aquifer of 24.38 meters.
Importantly, the assay of the brine returned a high of 95.9 ppm lithium.
Given the significance of the discovery, an immediate application has been made for available water rights within Columbus Marsh.
Caeneus recently increased its stake to 80% in the Pardoo Nickel Project located in the Northern Pilbara region of Western Australia.
The company earned the interest from Segue Resources (ASX:SEG) under the standing joint venture agreement.
The project is highly prospective for magmatic nickel-copper sulphides with a current inferred resource of 44.7 million tonnes at 0.3% nickel and 0.13% copper.
Caeneus has appointed Peter Christie as non-executive director of the company.