Irish exploration company Kenmare Resources said it proposes to raise £8 million sterling through a placing of 56,950,000 new ordinary shares at 14p each.
The group also plans to raise £3.3 million, before expenses, through an open offer based on one new share for every 8 shares held at 14p each. The open offer and placing will not be underwritten.
Kenmare said it intends to invest the funds raised in its Moma titanium project in Ghana .