Golden Metal Resources PLC on Monday said it raised funding through a ‘direct and premium priced subscription’ with investor Purebond Ltd.
The Nevada, US-focused critical and precious metals exploration and development company raised £506,250 through the issue of 2.3 million shares, equating to 2.1% of the enlarged issued share capital, at a price of 22.5 pence per share.
Golden Metal shares were up 4.3% to 21.90 pence each in London on Monday morning.
Proceeds are to be used to fund working capital requirements and accelerate exploration and development activity at the Garfield and Pilot Mountain projects.
‘The ability to raise significant funds in this manner from a single investor, without recourse to the usual market placings, demonstrates the stage of business development and the prospects offered by further work at Pilot Mountain and Garfield,’ said Chief Executive Officer Oliver Friesen.
Purebond’s stake increased to 6.7% and admission of the new shares to trading on AIM is expected to occur on or around June 13.
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