Strategic Elements (ASX:SOR) secured firm commitments from investors for a total of AU$875,000, which will be raised via the issuance of 21.875 million shares at an issue price of AU$0.04 per share, the miner said in a Friday filing with the Australian bourse.
The company aims to secure more than two years' worth of funds through the capital raise. This will assure investors and potential partners that it can sustain follow-on funding for its projects, the filing said.
Shares of Strategic Elements rose nearly 5% in recent trade.
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