Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF) completed a private placement raising gross proceeds of £3 million (C$5.60 million), with the issue of 10 million new common shares at 30p.
The net proceeds of £2.8 million will be used to fund recycling development projects in Germany and the UK and to cover ongoing corporate expenses, the company said.
"[The funding] strengthens the balance sheet in a crucial period as we continue to evaluate opportunities for rolling out HyProMag operations in additional jurisdictions and other new growth opportunities," chief executive Will Dawes said, in September when the equity raise was first announced.
Subsequently, Mkango announced that its HyProMag business had agreed to buy pre-processing units for planned projects in Texas, Nevada and South Carolina.
In London, Mkango shares were up 3% in Monday morning's deals, changing hands at 50p.