Copper explorer Arc Minerals Limited (AIM:ARCM) has raised £4.14 million through a placing and a subscription at 1.8p, a 5% discount to yesterday's close.
Warrants on a ratio of one-to-one issued with the new shares were also part of the funding.
Nick von Schirnding, Arc’s executive chairman, said: "We are pleased with the level of support shown from new and existing investors for this next stage of Arc Mineral's development and I look forward to providing more updates on our activities in Botswana and Zambia over the coming months."