Strickland Metals (ASX:STK) obtained a AU$5 million funding commitment from Zijin Mining Group through a strategic private placement, according to a Thursday filing with the Australian bourse.
As part of the agreement, Strickland Metals will issue to Zijin Mining nearly 55 million fully paid ordinary shares at a price of AU$0.091 apiece, a 2% premium to the five-day volume-weighted average price of the company's shares.
The investment will enable Zijin Mining to acquire a 2.4% shareholding in Strickland Metals, per the filing.
Proceeds are earmarked for ongoing exploration programs.
New shares are expected to be allotted and start trading on April 23.
Strickland Metals' shares were up over 4% in recent Thursday trade.
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