Metals One PLC reported on Friday that it has completed its equity fundraise, delivering net proceeds of £3.1 million.

The London-based company which develops metals projects in Finland and Norway said the fundraise has put it in a ‘strong financial position’ to advance its copper and nickel projects, having ‘the potential to bring in up to £15 million in gross proceeds.’

Metals shares rose 17% to 25.65 pence in London on Friday morning.

The company will be issuing prepaid warrants and cash warrants to investors at a fixed price of 2.00 pence per warrant, adding that the cash warrants are exercisable for a six-month period from the date of the grant. This is in return for investors paying £4.4 million upfront.

In addition to the £4.4 million, the retail offer raised gross proceeds of £100,000. The company added that it will be issuing a total of 5 million new ordinary shares at the issue price pursuant to the retail price.

In January, the firm noted that upon exercising each warrant each subscriber is entitled to a fully paid share in the company’s capital.

According to Metals One, the cash warrants would bring in up to £10 million for the company if exercised alongside gross proceeds.

Chief Executive Officer Jonathan Owen said: ‘With the benefit of this funding, Metals One will look to capitalise on this, applying smart exploration techniques to high-impact opportunities. The first wave of these is likely to be our drilling of high impact copper targets in Finland this year.’

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