Strategic Minerals plc has raised gross £4 million through the issue of an aggregate 307,692,308 new ordinary shares in the company of 0.1 pence each, at a price of 1.3p per new ordinary share.
TVRs
The fundraise comprised a placing and a subscription for 123,076,922 and 184,615,386, respectively.
Strategic said that demand had exceeded expectations, with participants consisting of UK and international “sophisticated and long-term ultra-high net worth investors, family offices and institutions”.
The company additionally issued 7.5 million new ordinary shares as adviser fees for the fundraise.
Following admission, Strategic’s total issued share capital will be 2,684,490,257, each with voting rights.
The company’s subsidiary Cornwall Resources Ltd will use net proceeds to fund 16,000 metres’ infill drilling, additional rigs and expansion of the team at its Redmoor tin-tungsten project, ahead of a prefeasibility study.