GCM Resources (AIM:GCM) announced has raised £1 million through a placing, selling 33.33 million new shares priced at 3p per share (a 16% discount to Thursday's closing price).
Net proceeds will be used for working capital as the company continues efforts to advance the Phulbari coal and power project in Bangladesh.
Allenby Capital acted as sole bookrunner.
In London, GCM shares were down 20% in early deals, trading at 2.87p.