Potash group Harvest Minerals (LON:HMI, ASX:HMI) has raised US$3.6mln (£2.4mln) to fund development work on its clutch of projects in Brazil.
Money was raised through a placing at 0.75p with a warrant attached.
Harvest’s Arapua project will see the bulk of the cash, though it will also enable it to push forward its other potash projects at Sergi and Capela.
Recent exploration at Arapua revealed the presence of what the company calls “large areas of highly mineralised potassium rich rocks.”
To back this up, Harvest will carry out further drilling to generate a JORC resource ahead of the feasibility and marketing phases.
Brian McMaster, executive chairman, said he was delighted with response to the first London fundraising since it joined AIM in September.
“This tranche of funds will enable the company to substantially progress its business plan without being overly dilutive to existing shareholders at this time.“
Shares were trading at 0.76p today.