Strategic Minerals PLC (AIM:SML) has raised £400,000 by way of a placing and subscription at a price of 0.375p per share.
The money raised will be used to fund work at the Leigh Creek copper mine and at the Deep Digital Cornwall project.
At Leigh Creek work on the programme for environmental protection and rehabilitation (PEPR) is continuing, and funding discussions are well advanced.
Directors Peter Wale and John Peters each subscribed for 4mln shares.
"The Directors are pleased to have undertaken this small raise with a limited number of placees to ensure the capacity of the Company to prudently fund critical work to complete PEPR requirements and to continue progress in Cornwall,” said John Peters.
"The company considers that it will have submitted the necessary additional PEPR information prior to the end of the year and expects to be in production in the first quarter of 2022, resulting in revenue flows around mid-2022, subject to funding. Activities at CRL's Redmoor tin and tungsten project continue progressing and the company considers that 2022 shows excellent potential for this asset to achieve meaningful value recognition."