Russia-focused nickel/copper explorer Amur Minerals Corporation (LON:AMC) has raised £2.5mln issuing shares at 3.9p a share.
The raising of funds was part of the subscription agreement entered into on 14 December, 2015, with Crede CG III Limited.
Amur also issued warrants over 48.1mln ordinary shares of no par value in the company to Crede on 20 June 2016 exercisable at a price of 5.07 pence per share for a period of five years.
The funds raised will be used for general corporate purposes.
Added to Amur’s unaudited cash reserves of around US$9.3mln as at the beginning of the month, the aggregated funds should provide funding for continued exploration drilling and advance the implementation and completion of the definitive feasibility study for the Kun-Manie nickel copper sulphide project.