Amur Minerals Corporation (LON:AMC) said on Thursday that it is to raise £750,000 by placing 75mln shares at 1p a throw.
The funds raised will be used to repay the initial advance from the loan note facility from Plena Global Opportunities LLC, details of which were released last month.
In a statement, the company noted that any money left over will be used for general working capital purposes to progress, amongst other things, the work on the company's mandatory Russian feasibility study for its Kun-Manie nickel-copper sulphide mineral project in the far east of Russia.
Amur said it is mindful of the need to complete certain work on the licence area by December 1 this year in order to retain the licence and is confident that this can be achieved, although obviously any lengthy extension of the lockdown to combat the spread of the coronavirus (COVID-19) in Russia could put a crimp in the company's plans; in such a situation, the group would hope for an extension to the deadline.
Shares in Amur closed at 1.1p last night.