Pembridge Resources PLC (LSE:PERE) raised £400,000 through a placing and convertible loan to tide it over until cash starts to come through from the Minto mine in Canada.
Minto, which was recently demerged and listed in Toronto, is scheduled to repay C$4mln of advances made previously by Pembridge, which also retains an 11.2% economic interest in the project.
The first payment of C$1mln from Minto is expected at the end of the first quarter of 2022.
Today's funding round comprised an equity issue of £320,000 at 5p per share and a no-interest convertible loan from chief executive Gati Al-Jebouri with an exercise price of 5p.
Pembridge said the money would be used to identify new projects and help get Minto into production and establish its management team.
“This is an exciting time for Pembridge," Al-Jebouri said. "Having achieved what we set out to do with our investment in Minto Metals Corp (TSX-V:MNTO), we are now in a position to consider the future of Pembridge itself. Our single asset portfolio is a very strong basis for growing Pembridge and the time has come to identify and negotiate new investments.
“In the Investor Presentation that we have released today, we clearly set out the potential that our investment in Minto Metals gives us and our intention to seek opportunities in the copper mining, gold mining, oil and gas and renewable energy sectors.”