Great Southern Copper PLC (LSE:GSCU) shares jumped 9% after the company raised £1.57m at a premium to the market price to advance its copper-gold exploration in Chile.
The funding includes a £1.04m equity investment from an institution and a £522,000 convertible loan from major shareholder Foreign Dimensions.
The new investment will support the next phase of drilling and metallurgical test work at the Mostaza Mine, Cerro Negro. The round was priced at 2.90p per share, above the five-day volume-weighted average price of 2.49p.
“This is a very exciting moment for the company and we look forward to updating the market on our progress,” said CEO Sam Garrett. Assay results from eight remaining drill holes are still pending.
In early trading, the shares were up 0.33p at 3.98p.