Anglesey Mining plc (LON: AYM) has raised £310,200 via a placing to advance its Parys mountain zinc-copper-lead deposit in North Wales.
It will issue 12mln new shares at 2.585 pence each to institutions. Shares closed yesterday at 3.25p each.
Chief executive Bill Hooley said: “We are very pleased to announce this financing, which represents significant support for Anglesey Mining, and we look forward to completion of the updated scoping study and to expedite development of the Parys Mountain project.”
Parys has a resource of 2.1 million tonnes at 6.9% combined base metals in the higher confidence indicated category and 4.1 million tonnes at 5% combined base metals in inferred.
An updated scoping study is currently being prepared by Micon International Limited and Fairport Engineering Ltd, both of which are acknowledged experts and leaders in the resources sector, the group said.