Strategic Minerals PLC (LON:SML), the iron, copper and tungsten junior, has raised £650,000 through a placing at 0.4p per share to progress its three key projects.
Directors and employees have also accepted £48,900 of their salaries in shares, with both the placing and salary shares having a warrant attached.
Strategic Minerals said it needs to renew equipment at the Cobre magnetite stockpile and push ahead with work at the Leigh Creek copper mine (LCCM) in Australia and the Redmoor tin/tungsten project in Cornwall.
In a statement, John Peters, Strategic Minerals' managing director, said: "The need to update and renew equipment at the company's cashflow generating Cobre project has precipitated this placing, which also allowed most directors, management and some employees to invest at this time.
"The board is very encouraged at the current prospects for LCCM, particularly given the extended move in the copper price which now sits substantially above our feasibility study assumptions.”