Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) raised more money than planned as its original fundraising target was increased due to additional investor demand.
A placing and subscription at 11.5p raised £2.7 million compared to the £2.2 million targeted originally with up to a further £200,000 to come from a retail offer scheduled to close on 31 January.
Phoenix will use the money to buy equipment for the Empire Open Pit Mine in Idaho.
Substantial shareholder Martin Hughes subscribed for 2.6 million shares of the 14.1 million offered in the placing, with his stake in the business to stand at 10.9% after the placing and subscription.