Fox Marble (LON:FOX) has strengthened its balance sheet through a £2.5mln placing and share subscription at a small premium to the market price.
The group, which owns licences for, and rights over, a string of marble quarries in Kosovo and the Balkans, said the money will largely replace an unutilised £2mln convertible loan facility.
Just over £2.4mln will come from a placing in two tranches at 16.5p per share, while funds run by Amati Global Investors have subscribed a further £87,000. Shareholders have to approve the second tranche of £700,000.
The shares issued through the placing will be equivalent to 13.6% of the shares currently in issue.
Chris Gilbert, chief executive, said: "In what continue to be difficult global capital markets, it is reassuring to see such a strong level of support from both existing and new institutional investors.
“Placing shares at a premium to the current price, rather than at a discount, is further testament to what we feel is a very compelling investment case.
“Since listing on AIM the company has rapidly evolved from a start-up operation to a producing company with its first off take agreement signed with a leading UK marble distributor.
"We envisage further sales being secured in the coming months."
The company has mining licences on five separate marble quarries and extraction rights for grey marble from the Drini and cream and white grey marble from the Malesheva, both in Kosovo, and white Sivec marble from the Prilep Quarry in Macedonia.