Zinc recycling plant operator ZincOx Resources has raised £1m from its open offer.
The open offer could have raised up to £1.1m at 13p a share. ZincOx had already raised £2.1m from a placing at the same share price.
The cash is required to finance the debottlenecking of the Korean zinc recycling plant, which will involve new equipment. This could cost around £2m but the benefits could be worth around £3m a year.
The plant has been operating near to capacity in April and May but there has been a lack of supply of electric arc furnace dust. ZincOx will seek to import additional electric arc furnace dust.