Anglesey Mining PLC (LSE:AYM) has raised £864,416 following a placing and subscription of shares at 3.4p.
The money raised will be applied to advancing the Parys Mountain copper-zinc-lead-silver-gold project in Wales, through additional technical activities.
Anglesey’s working capital facility with Juno Ltd will also be restructured, and some of the funds will be used for general working capital purposes.
The company also confirmed it has appointed WH Ireland Ltd as its joint broker with immediate effect.
Chairman John Kearney and chief executive Jo Battershill participated in the subscription, taking their holdings respectively to 0.5% and 1.2% of the equity.
"The completion of the placement and renegotiation of the Juno working capital facility is an important milestone for of Anglesey Mining,” said Battershill.
“We are very pleased to welcome new investors onto the register and see the strong demand as recognition of the potential quality of the asset base. The placing will provide funds to generate strong news flow and potentially substantial value creation for Anglesey's shareholders.”
He added that the funds would allow infill drilling of the Northern Copper Zone to take place, along with confirmatory metallurgical testwork, tailings storage design work and the environmental and permitting activities.”
"We are also very pleased to have renegotiated the working capital facility with our largest shareholder, Juno,” Battershill continued.
“The partial conversion of debt for equity by way of direct subscription alongside the placing demonstrates the ongoing support for which are very thankful."