(ShareCast News) - Zincox Resources has raised around £2.1m before expenses through a conditional placing of approximately 16.1m new shares at 13p per share with institutional and other investors and plans to raise a further £1.1m.The 13p per share price represents a discount of 1.9% to the closing mid-market price of 13.25p on Wednesday. The company said the open offer will be at the same price as the placing.The zinc concentrate producer said proceeds will be used to accelerate the de-bottlenecking of KRP, including the replacement of heat exchanges, and to progress work on the next recycling project.Chief executive Andrew Woollett said: "The Placing enables us to de-bottleneck the plant this year which will dramatically reduce downtime and improve the annual EBITDA of KRP. The additional funds to be raised in the open offer will allow us to press ahead with the pre-development work for the next project and so begin to unlock the full potential of the rotary hearth furnace technology."At 09:41, shares were down 3.8% at 12.75p.