Anglesey Mining PLC (AIM:AYM) said it has raised £220,000 through a direct subscription of stock, issuing 22 million ordinary shares at a penny each.
It stated that the proceeds would be used to progress its corporate and operational strategy. Specifically, they will support work at the Parys Mountain project in Wales and advance development options at the Grängesberg Iron Ore Mine in Sweden.
Additionally, a portion of the capital will go toward debt repayment and general working capital purposes.
Anglesey noted that it is pursuing several initiatives to bolster its cash position. However, if these efforts do not materialise, the company may need to raise further funds toward the end of the year to continue its activities.
The Parys Mountain site is known for its copper, zinc and lead with some gold and silver deposits, while the Grängesberg mine is a notable iron ore project.