The project has been blighted by various issues including repairs required following typhoon Lando and permit issues, such that a first gold pour has been delayed.
The firm is now awaiting the lifting of a suspension order following a programme of repair works but the delay caused by this and completing permitting mean its cash resources have been depleted.
The placing, the firm reckons, mean it will have sufficient working capital to continue until it commences operations through to realising self-sustaining cash flow.
It plans to issue around 148mln shares to existing shareholders at 2.9p a throw - a discount to yesterday's closing price of 4.125p.
In addition, the firm said the project's forecasted 2016 cash flow projections do not allow it to meet a June 2016 capital repayment (US $15.0 million) and the December 2016 capital repayment (US $15.0 million) to its lenders and as such, was currently in technical breach of its banking covenants.
However, Metals said it had been in preliminary talks with the current lenders in a bid to start debt restructuring immediately after Runruno reaches commercial production.
Moreover, it has agreed with lenders that the Debt Service Reserve Account equity proceeds will be able to be drawn down to the required amount to settle the March 31 obligation of US$2 million.
Last year, the group raised around £9.8mln via a placing, open offer and debt facility, the latter provided by its two main shareholders. It also has a $83mln facility agreement.
Shares shed 3.03% to 4p a pop.