Alexandria Minerals Corporation (CVE: AZX, OTCQB: ALXDF) told investors it had closed its previously placing and raised $2.575mln.
Resource sector investors Eric Sprott, via 2176423 Ontario Ltd, a company beneficially owned by him, made a $2mln investment as part of this fundraise.
Proceeds will be used for exploration at Alexandria's flagship Orenada Zone 4 gold project in Val d'Or, Québec, as well as for general corporate purposes.
Recent high grade gold assays at Orenada Zone 4 have been very encouraging and the firm has been ramping up drilling there, it added.
The group issued over 42.9mln units at $0.06 each in the placing.
Each unit comprises one share and one share purchase warrant, which entitles the holder, on exercise, to acquire one share at $0.09 for two years following the closing.
Sprott, via 2176423 Ontario Ltd, acquired around 33.2mln units for around $1.999mln and now owns around 7% of the capital on a non-diluted basis and 13% on a partially diluted basis.