Snow Lake Resources (LITM) said late Wednesday it intends to offer its common shares in a best-efforts public offering.

The company said its offering is subject to market conditions, and there is no guarantee regarding its completion, size, or terms.

It added that it would use the net proceeds from the offering primarily for working capital and general corporate purposes.

Shares of the company fell more than 40% in premarket activity.

Price: 0.49, Change: -0.33, Percent Change: -40.57