Richland Resources Ltd (LON:RLD) told investors that it has raised £450,000 of new capital by issuing 64.28mln of new shares, priced at 0.7p each.
Chairman Edward Nealon, in a stock market statement, highlighted that the share subscription was oversubscribed.
“As recently reported, in Q2 2017, approximately 95% of production and operating costs were covered by revenue at our Capricorn Sapphire operations, with sustainable operational profitability currently expected to be achieved in Q4 2017,” Nealon added.
“Today's financing will augment the group's general working capital position, as well as bridging the gap until the Capricorn project is profitable.
“It will also enable further exploration and expansion work to be conducted, both on our mining and exploration licences and in the region generally, in order to capitalise on potential opportunities."