Anglesey Mining plc has raised £220,000 via a direct subscription of 22 million ordinary shares at a price of 1 pence per share.
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Following admission, the total number of ordinary shares in the capital of the company in issue will be 483,593,017, with voting rights.
Net proceeds will go towards developing Parys Mountain in North Wales and options for the Grängesberg iron ore mine in Sweden, debt repayment and general working capital.
Anglesey said it was advancing “a number of initiatives” to improve its cash holding, which if unsuccessful, would result in a further fundraise towards the end of 2024.