Australian Vanadium Ltd announced on June 22 that it has raised a total of $20.571 million through a share purchase plan (SPP) and placement to advance its namesake project in Western Australia.

The company's latest SPP received total subscriptions of $571,000, supplementing the $20 million raised in the successful recent placement.

Funds raised will be used to finance ongoing work at its Australian Vanadium Project and to develop key downstream markets ahead of finalising debt finance and a final investment decision.