Cloudbreak Discovery PLC (LSE:CDL) announced it elected to draw down £203,500 of the £10mln equity drawdown agreement that it entered into with Crescita Capital LLC in February 2021.
The shares were issued at 1.1p each, resulting in 18.5mln new ordinary shares being issued, the company said in a statement.
The capital drawndown will be used to advance its acquisitions of energy royalties, lithium assets and bauxite projects globally, it added.
Cloudbreak is a natural resources project generator with a particular focus on commodities key to the energy transition.