Anglesey Mining Plc (LON: AYM) shares today rallied 64.7% higher after raising £200,000 in new capital from the placement of 12.5 million shares at 1.6p apiece.
The mining company said that it will use the money to bring the QME engineering and optimisation studies on the Parys Mountian project into full compliance with government regulations as part of a wider scoping study.
The new investors will receive warrants with a 12-month term and the option to purchase the new ordinary shares at 1.8p each.
The firm will also use the funds to search for new properties with development potential in line with its financing capabilities.
The Parys Mountain project has significant zinc, lead, copper, silver and gold deposits whose exploitation will be funded by today’s capital raise.
AYM share price
AYM shares today surged 64.7% higher to trade at 2.80p having opened today’s session trading at 1.70p.