The newly issued shares represent roughly 4.7% of the company’s current issued share capital.
The money raised will be used for general corporate purposes and particularly to continue the development of the group’s Parys Mountain property as outlined in the recent positive preliminary economic assessment for that project, Anglesey Mining said.
Some of the proceeds have also been earmarked for the further evaluation of other base metal projects at advanced stages suitable for incorporation into the group. The company has said it is on the look-out for new projects to add to its portfolio, which also includes a 12% interest in Labrador Iron Mines and a 20% interest in the Grangesberg Iron project in Sweden.
“Following the recent release of the details of the positive Preliminary Economic Assessment on Parys Mountain, we are very pleased with the substantial support shown for the project and for the company with this placing. We will continue to drive forward with all our investments and we look forward to continuing support both from our new as well as all our current shareholders,” said Bill Hooley, the chief executive officer of Anglesey Mining in a statement.