King River Copper (ASX:KRC) has concluded the placement of 40 million shares at $0.03 to professional and sophisticated investors to raise $1.2 million.
The company is now fully funded to complete the current metallurgical test work and complete the concept and scoping study on the Speewah Vanadium-Titanium-Iron Project in Western Australia.
King River’s recent tests have further improved the value of vanadium and titanium products that can be produced from the Speewah Project.
READ: King River Copper test results lift project’s titanium and vanadium potential
The latest hydrometallurgical test work has lifted the high purity titanium dioxide product to 99.5% from 99.1%.
Earlier work resulted in a vanadium pentoxide product that assayed 95.5%.
Further tests are being carried out with the aim of further improvements in purity of both products, which are used in vanadium flow batteries.
King River Copper’s shares have had a great run on the ASX, rising sevenfold over the last three month’s to close at $0.049 on Friday.