Bezant Resources PLC (AIM:BZT) has raised £1.2mln to fund exploration across several of its assets in Africa and Europe.
Shares were issued at a price of 0.13p with the proceeds to be used In Namibia, Cyprus and Botswana.
At the Hope Copper-Gold project in Namibia, Bezant will undertake a drilling programme including the testing of an electromagnetic target and a preliminary economic assessment.
In Cyprus, the money will fund work under its agreement to explore Caerus Mineral’s copper-gold projects, while Botswana will see trenching at the Kanye manganese project with exploration and drilling at Kalengwa in Zambia.
At Mankayan in the Philippines, Bezant said it had also completed its conditional agreement with IDM Mankayan and now owns 27.5% of IDM with the remaining 72.5% owned by what it said are established investors in the mining sector.
Colin Bird, executive chairman, added: “The focus for the use of the placing proceeds is to undertake exploration at the company's copper projects in Namibia, Cyprus and Zambia and at the company's Kayne manganese project in Botswana and we look forward to updating shareholders on these exploration activities.
“Bezant is pleased to be working with IDM and its experienced mining sector investors to support the renew of the MPSA at a time when the Philippine government have announced that they wish to revitalise mining in the Philippines.”