Zanaga Iron Ore Co Ltd (AIM:ZIOC) told investors it has now completed the second tranche of its equity fundraise, which brought in $23.01 million in total.
The second tranche was upsized, following additional investments from key stakeholders.
Greymont Bay, the cornerstone investor in the deal, invested an extra $1.2 million, increasing its total participation to $12.05 million and resulting in a 28.11% stake in Zanaga.
ZIOC said the additional funding would support key metallurgical test work and accelerate progress toward pre-construction engineering objectives at its iron ore project in the Republic of Congo.
"I wish to thank all parties involved in this fundraise and welcome the support of our strategic investors in pursuing the value-adding objectives recently announced,” ZOIC chief executive Martin Knauth said in a statement.