Shares in Metals One PLC (AIM:MET1) jumped 17% on Friday, making the company the strongest performer on London’s AIM All-Share index, after it confirmed the completion of a £3.1 million equity fundraise.
The cash injection puts the battery metals explorer on a firmer financial footing as it progresses its copper and nickel projects in Finland and Norway.
The proceeds will also be used to evaluate potential acquisitions in new areas, including gold and defence-related minerals.
The raise includes both institutional and retail backing and follows an earlier announcement made at the end of January.
Metals One said the completed round includes a convertible loan note and allows it to move ahead with its strategic development plans.
In addition to the new shares issued, the company has granted investors warrants at a fixed price of 2p, exercisable over six months. If fully taken up, these could generate a further £10 million in gross proceeds.
The company’s projects are focused on supplying critical minerals that are expected to play an important role in the energy transition. Friday’s share price surge takes the stock to its highest level since the start of the year.
The stock was up 3.67p at 25.67p.