Aim-listed phosphate and manganese miner Keras Resources has conditionally raised £1-million through the placing of 869.57-million shares.
The funds will be used to explore opportunities to grow the company's portfolio through organic growth and the potential introduction of new projects.
"Our Diamond Creek mine, in Utah, has made extremely encouraging progress over the past six months - from a standing start to a fully integrated mine-to-market project. The work now under way at the Utah processing plant is expected to enhance our production profile and flexibility to produce a variety of high-grade, organic phosphate products, which underlines the potential growth for this dimension of our business in 2021.
"In addition, our Nayéga manganese mine, in Togo, continues to hold considerable future value for Keras.
"To further bolster our cash reserves at this time will also provide us with significant leverage as we look to expand our project portfolio targeting additional low-capital expenditure and near-term production projects," says CEO Russell Lamming.