(Alliance News) - Arc Minerals Ltd on Tuesday said it has raised GBP4.1 million through a placing and subscription.
Arc Minerals is a copper exploration company focused on mines in Africa.
It said it has raised GBP4.1 million though a placing of 210.0 million shares and a subscription of 19.8 million shares. The shares have been issued at 1.80 pence each.
Shares in Arc Minerals fell by 6.7% to 1.77p each in London on Tuesday morning.
On Monday, when Arc announced the fundraised, it said that the proceeds of the offer will go towards the development of its exploration programmes in Botswana. The company is also looking to acquire new licences within the Zambian copper belt, and has commenced an assessment programme to identify potential targets.
Executive Chair Nick von Schirnding said: "We are pleased with the level of support shown from new and existing investors for this next stage of Arc Mineral's development and I look forward to providing more updates on our activities in Botswana and Zambia over the coming months."
By Sophie Rose, Alliance News senior reporter
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Arc Minerals (ARCM)