Jupiter Mines has raised $150m to fund its projects in South Africa and Western Australia.
The company said that it successfully placed 142.9
million New Ordinary Shares (Tranche1) at 70¢ a share to raise the funds, which also include a $1.5 million investment from Jupiter director Priyank Thapliyal.
A further, 71,428,571 new ordinary shares at 70¢ each were placed to raise $50m, according to figures issued by the Australian Securities Exchange.
The funds will be spent on the development of Jupiter's 49.9% owned Tshipi Borwa project located in South Africa including the construction of mine, plant and infrastructure.
The remaining funds will be used to advance the Mt Ida magnetite project and Mt Mason DSO iron project located in the Central Yilgarn region of Western Australia.
The company is planning to convert the maiden inferred resource at Mt Ida into measured and indicated categories, and to increase the inferred resource base by drilling both the northern and southern extensions.
At Mt Mason, further drilling will be undertaken to convert the current inferred resources into measured and indicated categories.
Jupiter Mines will commence feasibility studies and project permitting process for both projects, which are scheduled to be completed by the end of next year.