Base Resources (ASX:BSE) has raised $89 million in an institutional entitlement offer and placement, more than expected by the minerals company.
The fully paid shares were priced at 25.5 cents a share, with about 350 million new shares to be issued.
The new shares will commence trading on the ASX today.
The retail component of the entitlement offer opened on Thursday 28 December 2017, which is expected to end on Wednesday 10 January 2018.
Total funds expected to be raised is about $100 million.
Shares in Base Resources (ASX:BSE) last traded flat at $0.27.