Great Southern Copper PLC (LSE:GSCU) told investors it has secured £780,000 in new funding to advance its expanded exploration activities at Especularita copper-gold project in Chile.
The investment comes from two private investors and its primary shareholder, Foreign Dimensions PTY Limited.
"We are very pleased to have been approached by new investors who have chosen to provide additional support to the company at this crucial stage of exploration, alongside our extremely supportive majority shareholder,” chief executive Sam Garrett said in a statement.
"Whilst the equity markets continue to be starved of capital for early-stage exploration, this investment reflects the increasing confidence and excitement around the company's prospects.
“The funds will be deployed to advance our drilling programmes and other exploration activities over the next 6-12 months, and we look forward to updating the market on our progress."
It is issuing 62.4 million new shares, priced at 1.25p each, reflecting a 5% discount to the 30-day volume-weighted average price (VWAP).
Investors also received warrants, exercisable at 2.5p for a 24-month period.