Megado Minerals (ASX:MEG) has secured $1.7 million in firm commitments to accelerate exploration at its high-grade Iberian Copper Project and the Alpartir Silver-Copper Project.
The capital raising, which was notably company-led, comprises a major placement of 75 million ordinary shares to sophisticated investors, alongside a further commitment of 7.5 million shares from the company's directors, the latter of which remains subject to shareholder approval.
The placement was priced at $0.02 per share, representing a 4.6% premium to the five-day volume-weighted average price.
In a move to further incentivise investors, the deal includes a one-for-two free attaching option.
The options are exercisable at $0.04 and valid until April 2028, providing a potential secondary capital influx should the projects meet milestones.
According to the announcement, the primary use of these funds will be directed towards critical drilling programmes in Iberia and reconnaissance exploration activities at Alpartir.
The company noted strong support for the initiative, with settlement for the initial shares expected by April 16.