Terra Metals (ASX:TM1) raised AU$6 million via a placement of 100 million shares at AU$0.06 apiece.
Proceeds will be used to accelerate exploration and development of the Dante project in Western Australia and for general corporate purposes, according to a Tuesday filing with the Australian bourse.
A total of 68.6 million shares under the first tranche will be issued by July 2, while the second tranche of 31.4 million shares will be subject to shareholders approval at a general meeting.
Terra Metals shares jumped 10% in recent trade.
Price (AUD): $0.08, Change: $+0.01, Percent Change: +9.59%
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