Haranga Resources raised $2.86 million via a capital raise to expand on its maiden uranium resource.

The funds will primarily be used for drilling at Haranga's Saraya uranium project in Senegal and other exploration works within the project area.

Under the placement, 26 million shares were issued at 11 Australian cents apiece, with CPS Capital Group serving as lead manager and broker.

The placement garnered strong support from existing shareholders, with shareholder Jason Peterson contributing over $300,000 to increase his stake.