M3 Mining raised $2.2 million through a share placement at 6 cents per share.

The placement, supported by new and existing sophisticated investors, including company directors, will issue 37,244,987 fully paid ordinary shares.

The funds will be used for ongoing exploration at the Edjudina Gold Project and the Victoria Bore Copper Project, as well as for potential acquisitions.

CPS Capital Group is the lead manager, overseeing two tranches, with the second dependent on shareholder approval.