Jangada Mines has raised £2.25m, before expenses, through an oversubscribed placing of 45,000,000 new ordinary shares at 5p apiece.
The placing was part of its admission to trading on AIM today, implying a market cap of £9.9m.
The group said the majority of the net proceeds would be used to progress minor additional resource and reserve drilling, a bulk metallurgy test study, and a scoping study to determine operation parameters and likely financial model at the Pedra Branca PGM project in Brazil.
It said the project, previously owned by Anglo American Platinum, had benefited from extensive historical exploration and development expenditure to the tune of circa US$35m.
At 9:12am: (LON:JAN) share price was +5.38p at 5.38p