Mineral exploration company European Cobalt (ASX:EUC) has raised $20 million in a heavily oversubscribed institutional placement.
The funds will be used to contribute to the exploration and development of the Dobsina cobalt-nickel-copper project.
Support was received from both existing institutional shareholders and new offshore institutions.
100 million new shares priced at $0.20 cents a share will be issued under the placement.
The cobalt- nickel mine is located in central Slovakia.
Shares in European Cobalt (ASX:EUC) are trading flat at $0.24.