Panther Metals said that Fulcrum Metals announced a successful initial public offering and conditional placing.
Shares are expected to commence trading on the AIM market of the London Stock Exchange on 14 February.
According to a statement, shares were sold at 17.5p per share to raise gross proceeds of roughly £3mln.
Panther said the proceeds from the raising will be used to “capitalise on the potential” of Fulcrum’s portfolio of base, precious and energy metal projects in Canada.
"I am particularly encouraged by investor appetite for our company, which I believe speaks volumes for the quality of our projects and the expertise of our team,” said Ryan Mee, chief executive of Fulcrum.
Following admission, Panther will hold a total of 9.9mln shares in Fulcrum, representing a 20% interest worth £1.74mln at the placing price.
The admission of Fulcrum concludes the sale of the Big Bear Project as announced 7 April 2022.
Panther retains a 2% net smelter return royalty over the Big Bear Project and has received a £200,000 cash payment from Fulcrum.
“The Big Bear Project has outstanding potential and well deserves the injection of capital that Fulcrum is planning,” said Darren Hazelwood, chief executive of Panther Metals.
“With the successful listing, the Fulcrum team will now have all the tools at their disposal to deliver value.”