Eurasia Mining (LON:EUA) has raised £500,000 at 0.55p to pay off a short term loan from financier Sanderson.
The Russia-focused platinum explorer arranged the £250,000 loan in February and it fell due yesterday.
As well as the debt repayment, the funds will allow completion of the work programme at its project at Monchetundra and the test work on the Semenovsky Tailings Project.
An announcement on mining at West Kytlim will come shortly, Eurasia added.
Shares dropped to 0.6p on the announcement.