Blencowe Resources shot to the top of small-cap movers as it announced a funding round at 5p per share, 33% higher than the market close last night.
At a time when many juniors are struggling to keep the lights on, it is an impressive show of strength from the Uganda-focused graphite group.
Blencowe’s main asset is the Orom-Cross deposit, which has already attracted financial backing from US government agency the DFC as part of President Biden’s plan to secure key minerals for America.
In total, Blencowe is raising around £2.9 million comprising US$500,000 (£400,000) from an Africa-based specialist investor and is conditionally raising a further £2.5 million from another strategic investor.
Shares rose 16% to 4.35p.