MetalNRG has raised £246,000 through a subscription at 0.1p, a premium of approximately 60% to the closing mid-market price yesterday.
Shares being issued represent around 16.66% of the enlarged share capital and come with two warrants attached.
The first warrant will be issued on a one-to-one basis exercisable at the subscription price while the second warrant, also attached on a one-to-one basis, is exercisable at 0.15p until 15 November 2026.
MetalNRG is looking for copper and gold projects to reposition the company, with a shortlist of around ten projects identified, several of which would be reverse takeovers.
One copper project has reached the advanced discussions stage and the money raised will be used for due diligence and advisory costs ahead of a transaction.