A resource estimate for ECR Minerals' (LON:ECR) Philippines project moved a step closer - as it revealed it had raised £250,000 before costs through a placing and subscription.
It said it had received firm commitments for around 555.5mln shares at 0.045 pence each.
The proceeds will go towards an initial NI43-101 compliant resource estimate and technical report for the Itogon gold project and for general corporate purposes.
Both reports are expected in September 2015.
ECR said several high net worth investors had participated and had approached the firm directly regarding an investment.
The chief executive of ECR Stephen Clayson has subscribed for more than 48mln shares for a cost of £22,000 and he will now be beneficially interested in around 1.49% of the enlarged capital.
In addition to the placing shares, a further approximate 19.7mln shares are to be issued and allotted at the same price in settlement of accrued net fees totalling £8,873.56 due to a former director, ECR added.
Shares eased 4.17% to 0.0575p.