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Elmore Ltd (ASX:ELE) has announced the completion of a $3m capital raise.

Elmore Ltd (ASX:ELE) is pleased to announce that it has successfully completed a $3m placement offer of new, fully paid ordinary shares to sophisticated and institutional investors at an issue price of $0.02/new share. The placement was strongly supported by existing and new investors. Proceeds from the placement will be used to complete stage 1 of the Peko Magnetite Project and the final payment on the new ball mill for the Territory Minerals project.

Following the announcement, shares in Elmore Ltd traded flat.

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