The microcap (worth about C$6.4 million) says proceeds will also go towards exploration at its Quebec vanadium and BC gold properties.
"With this placement we will be in a position to immediately start work in Nevada on our lithium property and in Quebec on the vanadium assets," said Spearmint president, James Nelson.
"Our neighbours have had success recently on the Nevada lithium clay and brine projects and we are very optimistic about our prospects in Nevada.
"Our vanadium assets in Quebec are all in the vicinity of BlackRock Metal's ilmenite-vanadium project. We feel that lithium is at the forefront of the battery metals sector as the electric car market is exploding and that vanadium grid storage growth is in the early stages of a bull market. We look forward to a very active 2018."