Aim-listed Tertiary Minerals has raised £500 000 before expenses through a placing of over 294-million new ordinary shares in the company.
The placing was arranged through the company's joint broker Peterhouse.
The placing shares are expected to be admitted to trading on Aim on or about January 24.
Additionally, Tertiary is making a further 58.8-million new ordinary shares available to provide qualified Tertiary shareholders and other qualified investors with an opportunity to participate in the fundraising.
The broker option shares are available to qualified shareholders or other qualified investors via Peterhouse and are expected to raise up to £100 000 in additional funding.
The proceeds are to be used to fund drilling and direct exploration activities, including diamond and reverse circulation drilling, trenching, soil sampling survey and geophysics, in Nevada and Zambia, throughout the year.
"The company is entering a very active phase. We have drilling programmes targeting silver and gold at Pyramid, in Nevada, and copper at Jacks, in Zambia, due to progress in the coming months. This funding strengthens our balance sheet, allowing us to expand our exploration budgets.
“Nevada and Zambia are mining-friendly jurisdictions and are geologically highly prospective. In addition to the planned drilling, we are increasing our activities across the company's portfolio of copper projects at Brunton Pass, in Nevada, and on our newly signed options in Zambia,” MD Patrick Cullen says.