KEFI Gold and Copper said it raised £8mln through firm and conditional placings at 0.8p, a discount of around 25% to the recent average market price.
Harry Adams, chairman, said combined with last year's equity raise, this latest placing was the 'last piece' of the Tulu Kapi mine's US$365mln financing package.
The money raised will bolster security arrangements ahead of the start of construction, said KEFI, with a full project launch and financial close scheduled for the end of this quarter.
Exploring other areas of the Tulu Kapi site will get underway using the placing money with some also earmarked for its share of development costs at its Hawiah gold and copper deposit in Saudi.
Warrants exercisable at 1.6p will accompany the placing shares.
"In Ethiopia, our subsidiary has historically invested approximately US$70mln in the Tulu Kapi project and we are now at the stage to increase development and also exploration activities," said Adams.
"For our two projects in Saudi Arabia, Hawiah Copper-Gold and Jibal Qutman Gold, we must contribute our 30% share to the joint venture to ensure that we accelerate the drilling and development studies on our significant discoveries.
"We have the opportunity to build substantial value from de-risking and advancing the three projects.
“The company's internal NPV (8% after tax) on the three projects (at current metal prices as at 18 April 2022) indicates a combined NPV of 12 pence per share, after dilution from the placing announced today.”