Power Metal Resources PLC (AIM:POW) has raised £1.3 million in financing at a small premium to the market close last night.
Some 130 million shares have been issued at 1p each, just over 3% higher than the mid-market price of 0.97p at the end of trading Wednesday.
UK-based high-net-worth investors and a strategic Saudi Arabian investor underpinned the fundraising, Power Metal said in a statement.
The cash raised will be used for exploration initiatives and corporate activities across the Power Metal group, it added.
Earlier this week Power Metal said it had started to mobilise for a new drilling programme at Molopo Farms in Botswana, where nickel is the target.
Sean Wade, Power Metal’s chief executive, added: “Corporately, we have been seeking to augment our shareholder register with strategic high net worth and institutional investors, to strengthen the ownership of the company further and achieve a greater proportion of the company's shares in the hands of long term investors.
“This process, started in May 2023 with the involvement of Rick Rule's investing vehicle, continues with this announcement today, with the financing cornerstoned by UK-based high net worth investors and, for the first time, a strategic Saudi Arabian investor.
"Importantly, we are also demonstrating the company's ability to secure funds from new sources, giving our shareholders confidence in the ability of the company to finance its ambitious plans robustly."