Golden Metal Resources PLC (AIM:GMET, OTCQB:GMTLF) has raised £750,000 at a premium to the share price on Friday for further exploration in Nevada.
A tungsten, lithium, gold, copper and silver explorer, GMR said the money is coming via a subscription by one investor, Purebond, at 15p per share or 5.3% above the price at the close on 8 March.
The shares being issued represent 5.5% of the enlarged issued share capital.
As part of the issue, Purebond will receive one warrant with every two subscription shares with an exercise price of 25p and a two-year expiry date.
GMR said the money would be used for the next stage of exploration at its Garfield project plus permitting work and diamond drilling of key exploration and resource infill targets at Pilot Mountain.
Oliver Friesen, Golden Metal’s chief executive, said: "I am very pleased to announce this strategic subscription, from a single investor, at a premium to the market price, providing the company with £750,000.
"We intend to deploy this funding into what we consider to be high-impact exploration and development initiatives that have the potential to build considerable value for the company and shareholders."