Aim-listed Landore Resources has raised £250 000 through a subscription of 35.7-million new ordinary shares at 7p a share.
The proceeds are to be used for working capital purposes, as well as to help fund the company’s exploration programme.
The subscription, which is conditional on admission to the LSE, was done with James Hudleston, an existing investor in the company.
Following the subscription, he will have a beneficial interest of about 17.4% in Landore.
Landore’s subsidiary Landore Resources Canada is involved in the exploration and development of precious and base metals properties in Canada and in the US.