Bezant Resources (LON:BZT) has raised £350,000 through a conditional placing, to fund more evaluation work at its Buffalo copper project in Zambia.
In a statement on Thursday, the copper and gold explorer said it placed 250mln new ordinary shares at a price of 0.14p each, a discount of 30% to Bezant's closing market price on 4 December.
Net proceeds will total £330,000 and be used to progress work at the Buffalo project in Zambia, where historic third party work has reportedly discovered high copper grades, after Bezant signed an option to acquire 50% back in April.
Bezant said previously that it plans to map the pit and surrounding area, alongside sampling and trenching work, which might lead eventually to a drilling programme.
One of the key elements of further work will be to compare the data obtained from the site visit with the known characteristics of the existing mining operations in the region.
Colin Bird, executive chairman of Bezant, said: “Having spent a number of years working on operational and exploration projects within Zambia, I, and my fellow Directors, believe that Zambia is, compared to other copper producing countries, extremely well placed to be a source of significant new copper projects at a point when the medium to long-term outlook for copper remains very bullish."
Shares shot up 10% to 0.22p in midday trading on Thursday.