Amur Minerals (LON:AMC) has completed the £12.5mln funding flagged last week.
Crede Capital, a US finance firm, will provide the funds in five staged payments for shares of £2.5mln each.
The money will pay for a substantial portion of the Definitive Feasibility Study and related engineering and design work at the Kun-Manie nickel-copper sulphide project in Far East Russia.
Robin Young, Amur Minerals chief executive, said: “This staged funding provided by a long term institutional investor represents a major milestone for the continued advancement of the Kun-Manie project toward production.
“These available funds will be utilised to both complete necessary work for inclusion in and completion of the DFS.
“The investment, in conjunction with the anticipated support of the Far East and Baikal Region Development Fund for related infrastructure development, sets us on a path to a production design selection.
“The staged approach minimises shareholder dilution whilst simultaneously permitting us to effectively utilise the available funds based on project requirements."
The first tranche of £2.5mln was issued at 11p per share on 14 December with warrants at 14.3p.
The remaining four tranches of £2.5mln are payable every 90 days also with 3 warrants for every 4 Subscription Shares issued.