Cornish Metals Inc said it had conditionally raised £8 million through a placing and subscription of common shares with new and existing investors.
The Canadian company added that an additional investment of approximately £206,000 was made through an offer to high-net investors.
The total amount reached £8.2m (CA$14.37m).
Cornish Metals announced last Friday (5 February) added that the placing and subscription was oversubscribed, and comprised a total of 117,226,572 common shares of the company (new common shares) at a price of 7 pence (12¢) per share.
Subject to completion of the placing and subscription, the new common shares would represent some 43.9% of the company’s enlarged share capital.