Serval Resources (AIM:SRVL) has conditionally raised gross proceeds of £6.5 million through a placing and subscription of 26.1 million new shares at 25p each, the AIM-listed copper explorer said.
Five directors, Robin Birchall, John Treacy, Andrew Benitz, Brian Gordon and Maximillian Denning, agreed to subscribe for an aggregate of 290,000 shares at the issue price, raising a further £72,500.
Serval is building a portfolio of copper exploration assets across Namibia's Kaoko Basin, Botswana's Kalahari Copper Belt and Côte d'Ivoire, where it has been running three parallel field programmes.
The company has targeted a maiden drilling campaign in Namibia for the fourth quarter, following a surface sampling and mapping programme on licence EPL 7081 that returned grab samples as high as 37.8% copper and 573 g/t silver, and identified a thirteenth confirmed copper prospect in the basin.
An initial mineral resource estimate for that work has been pencilled in for 2027, subject to additional funding.
The fundraise comes after Serval entered a trading halt under AIM's Capital Access Window rule, appointing Hannam & Partners Advisory to run the process.
Read more about Serval Resources