Forgent (AIM:FORG) has raised £500,000 before expenses through a direct subscription with an existing high net worth shareholder.
The Australian-focused critical and precious minerals explorer issued 4.17bn new shares at 0.012p each, a price roughly 9% above the closing bid on 29 September.
The subscriber will also receive one warrant for every two new shares, exercisable at 0.020p for two years from admission, taking total warrants issued to 2.08bn.
Net proceeds of approximately £447,500 will go toward operational and general working capital.
"We are pleased to have secured additional capital from an existing high-net-worth shareholder at a premium to the prevailing price," said James Parsons, chief executive of Forgent.
The company had already raised £0.8m at 0.009p in an August placing, alongside £1.3m at Admission in May, to fund its acquisition of a controlling stake in Peak Hill and the project's drilling costs.
Forgent holds a 99% interest in the Peak Hill gold-copper project in Western Australia, where an expanded Phase 2 drilling programme is now expected to comprise approximately 144 holes for roughly 9,540 metres.
Following the subscription, Forgent's issued share capital will total 48.58bn shares.
Parsons said the new funding "provides us with an extended funding runway" as the company advances its Western Australian portfolio, with Phase 2 assay results expected in batches roughly four weeks after submission and the drilling programme due to conclude by the end of November.