Tertiary Minerals (LON:TYM) has raised £500,225 through a placing to continue evaluating its fluorspar projects, Storuman and Lassedalen.
The Scandinavia-focused company said it had raised the funds by way of a placing of 11.77 million new shares at 4.25 pence each to a small number of institutional and professional investors.
The company added that the funds will also go towards general working capital purposes.
“I am pleased that we have received good support from investors in what is an extremely difficult funding environment for junior companies,” said Tertiary chairman Patrick Cheetham.
“The placing gives the company the confidence to maintain the momentum of work on the projects and achieve a number of value-adding milestones.”
Tertiary will make an application for the shares to be traded on AIM and it expects them to start trading on August 8.
The placing shares will rank equally with all existing shares.
Following the placing, there are now a total of 130,586,214 ordinary shares in issue.
Tertiary also told investors last week it had sewn up a £10 mln equity financing facility with Dawrin Strategic Ltd, which allows the company to draw down funds at any time over the next three years.