Exploration group MinMet has raised more than $1.5 million (€1.2 million) through a placing of shares with institutional and private investors in Britain and Ireland.
The 34,748,971 shares, representing 3.9 per cent of existing share capital, were placed at 2.43p, a 10 per cent discount to the last traded price.
Among those acquiring the stock was a company connected with chairman Mr Rolf Nordström, which bought close to 6.2 million shares. Mr Nordström now has a beneficial interest in 20.89 per cent of Dublin and London-listed MinMet.
The proceeds of the placing will be invested in the company's Björkdal gold mine in Sweden and for general working capital.