Syrah Resources (ASX: SYR) has placed 5.175 million shares at $0.105 to raise $543,375 to advance development in Saudi Arabia.
Syrah currently has 27 applications for exploration licenses in progress.
The exploration licences cover prospective copper gold sites, and are well located several hundred kilometres from the city of Jeddah on the Red Sea.
The company also has two exploration licences at the Mt Lyndhurst Project in South Australia.
Both projects at Mt Lyndhurst are around 50 kilometres northeast of Leigh Creek in the northern Flinders Ranges, and cover a total area of 842 square kilometres.