London-listed Power Metal Resources has raised £1.08-million, which will be used to advance select exploration projects and for general working capital purposes.
Initially, the company raised £800 000 through a placing of 57-million shares, and a following placing of 20-million new ordinary shares raising £280 000 through a single new investor in the company.
Power Metal will start with a drill programme later in September on the Molopo Farms Complex project, in Botswana, targeting a large-scale nickel sulphide discovery.
The funding raised also enables the company to undertake an expanded exploration campaign at the project, considering the scale of the conductors having been identified by the company.
The new investor is a client of Power Metals’ broker, First Equity.
The new shares will be admitted to trading on the Aim on or about September 19.