Centaurus Metals is raising up to $7 million to advance its Brazilian iron ore projects.
The company said it had completed a $5 million share placement at 12.5 cents a share which had been underpinned by its cornerstone shareholders Atlas Iron and Liberty Metals & Mining.
Centaurus will also undertake a share purchase plan at the same price to raise up to $2 million.
It said the funds would enable the development momentum to be maintained at its flagship Jambreiro iron ore project in south-east Brazil while it completes a debt and equity funding package.
"Once the funding package is finalised, we will be able to move quickly to commence construction at Jambreiro - which is fully permitted and ready to go, with the mining leases granted and all other permitting in place," managing director Darren Gordon said.