Funds raised will be primarily used to complete the pre-feasibility study (PFS) on the company’s flagship San Jose Lithium Project in Spain.
The board of directors also intends to participate in the placement to the value of $80,000 and will seek shareholder approval at the August general meeting.
Infinity’s chairman Kevin Tomlinson said: “It is pleasing to see commitment from management and the introduction of key European shareholders through this placement.
“I believe this reflects the increasing transition to European based management and financial support as the San Jose Lithium Project develops.
“The placement brings the benefit of funding the company for the next phase of its growth and raising the profile of the company both domestically and internationally.”