Power Metal Resources PLC (LON:POW) has raised £1mln through a subscription of shares priced at 0.475p.
Each Subscription Share will have an attaching warrant with an exercise period of two years from admission of the Subscription Shares and exercisable at 0.75p.
Chief executive Paul Johnson has invested £95,000.
The money will be used to support strategic expansion of exploration activities and commercialisation of selected project interests.
“We raised at the market price, which is notable,” said Johnson in a statement, “as the protection of existing shareholders is important to us. Moreover, board members have invested £150,625 in the financing, standing alongside our shareholders to demonstrate belief in the vision we have for the company.”
The shares rose 5.26% on the news to 0.5p.