The net proceeds of the financing will be used to support activities in relation to the company’s proposed joint venture with Anglo Asian Mining PLC (LON:AAZ), to advance the company’s gold exploration activities in Finland, and for general working capital purposes.
Each new share carries a warrant to subscribe for one additional share at 35p.
“I am pleased to undertake this financing which we have conducted at a significant premium to the last financing announced in February 2020,” said chairman Professor Richard Conroy in a statement.
“This reflects the progress made by the company, and notably the proposed JV with Anglo Asian announced in July. We are working with the team at Anglo Asian to finalise the JV, and look forward to proactive operational activities at our gold projects in the Longford-Down Massif where we have an existing JORC compliant gold resource of 517,000 ounces and a series of targets across a 65 kilometre-long district scale gold trend,” he added.