MetalNRG PLC (LON:MNRG) said it raised £2.3mln via a share placing – funds that will be used to develop the Gold Ridge gold project in Arizona.
New shares were sold at 6p each and come with a warrant attached on a one-for-one basis.
At Gold Ridge, contractor SRK has outlined an initial two-staged follow up programme of structural and geological mapping in parallel with historical data validation and compilation.
The cash injection will also be used to complete the initial funding of BritNRG and for further development of its assets in Lincolnshire.
Specifically, investment will be made in the side-track drilling of an existing shut-in well to create an additional producer at Whisby.
Funds will also be used for the reprocessing and reinterpretation of seismic and geology at Newton on Trent and Reepham assets “in view of potential development in 2022/23”.