Shareholders in Jubilee Metals Group PLC (LON:JBL) were cheered by news the company has placed shares at a premium to the prevailing market price.
Fund manager Miton Group and international wealth firm Veddis have bought shares at 3.6p a pop, raising £4.5mln for Jubilee in the process.
The placing includes the issue of 62.5mln warrants with an exercise price 6.12p each.
The shares rose 0.14p to 3.66p on the news.
Jubilee, formerly known as Jubilee Platinum, said the financing, in collaboration with the project financing arrangements with RiverFort Global, will provide project funding for the expansion drive of its global metals strategy.
"The investment from such eminent financial institutions is in recognition of Jubilee's success in the recovery of metals from surface materials and tailings and validates the company's strategy to establish itself as leading global processor of such metals,” said Leon Coetzer, the chief executive officer of Jubilee.
“I believe this initial institutional entry has the potential to be followed by others and it is my intention in 2018 to provide the platform of confidence, which will attract further investment.
“Jubilee, having successfully implemented the Hernic and DCM projects, is now poised for rapid expansion in other commodities and into other countries," he added.