Exploration company Ormonde Mining has raised £3.39 (€4m) from a placing of 33.9 million new shares at a price of 10p per share.
The net proceeds from the placing will be used to help Ormonde prepare for the development of its Barruecopardo tungsten project in Salamanca in western Spain.
Around €1.6m will be used to fund initial engineering design work at Barruecopardo.
Around €500m will be paid to SIEMCALSA as consideration due in connection with Ormonde's 2011 acquisition of the final 10% interest in the project.
Mike Donoghue, a director and the chairman of Ormonde, participated in the placing, taking 500,000 ordinary shares.
