The funds raised will be used for exploration expenditure activities at the Kipushi Cobalt-Copper Tailings Project in the Democratic Republic of Congo.
Cape Lambert’s chairman Tony Sage said: “We are delighted to have received strong demand for the placement.”
Sage added: “Cape Lambert has received a positive response since releasing the engineering study results recently completed by Minnovo.”
The engineering study investigated building a leaching plant at the Kipushi project to process the existing tailings.
The value of the project is highlighted by the low forecast operating cost of US$64.66 per tonne against cobalt prices of around US$70,000 per tonne.
A recent report by Standard & Poor's has highlighted that risks remain high around the supply of ethically sourced cobalt.
This bodes well for companies developing ethical cobalt projects such as Cape Lambert.