Golden Metal Resources has completed a strategic raise through the issue of over two million shares.

The 2,250,000 shares of one pence each represents 2.06% of the enlarged issue share capital of the company.

Golden Metal is a UK-based mineral exploration company focused on tungsten, lithium, gold, copper and silver within Nevada, USA.

The subscription was undertaken with a single investor, Purebond, at an issue price of 22.5 pence per share.

Golden Metal said that the subscription will increase Purebond’s total ownership to 6.65%.

It added that the funds raised will be applied to the company’s working capital, adding that it is targeted for accelerated explorations and project development activities at the Garfield, as well as Pilot Mountain projects.

Chief executive officer at Golden Metal, Oliver Friesen, said: "The company is currently active in exploration and project development work at its flagship Pilot Mountain Project and with the raise now complete, have the flexibility to expand some of the ongoing work streams at the company's discretion, including further drilling.

"The company is also keen to ensure that the Garfield project advances and with a view to further extensive exploration planned at Garfield, the raise allows for dedicated working capital for that project.

"The ability to raise significant funds in this manner from a single investor, without recourse to the usual market placings, demonstrates the stage of business development and the prospects offered by further work at Pilot Mountain and Garfield.

"The company wishes to record its thanks to all shareholders for their support and to Purebond Ltd for its continuing engagement and support of the company."

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