Arc Minerals LTD (LON:ARCM) has raised £2.2mln through a placing of 73.6mln units at 3p each, with each unit consisting of one share and one warrant.
No brokers were involved, so no fees were payable.
The money raised will be used to fund the continuing exploration and development work on the Zamsort copper project in Zambia and for general working capital purposes.
"We were approached by two family offices, one of which is already a shareholder, for further funding to progress our newly identified targets at Zamsort,” explained Arc’s executive chairman Nick von Schirnding.
“This is a very good outcome for us and as a result, we will be accelerating work in respect of Cheyeza West and other key targets and will start a comprehensive drilling programme as soon as possible.”
Von Schirnding also participated in the placing, as did fellow directors Don Bailey, Mumena Mushinge, Brian McMaster, Vassilios Carellas, and John Forrest.