Maronan Metals has secured $5.7 million in a recent share placement from institutional investors, sophisticated investors, and current shareholders.

The company also announced a share purchase plan to raise an additional $1.5 million.

The funds will finance ongoing development and exploration efforts at Maronan's Silver-Lead and Copper-Gold deposit in Queensland, including drilling programs and a Starter Zone scoping study.

The placement, priced at 24 cents per share, issued 23,545,168 new shares. Eligible shareholders can participate in the share purchase plan under the same terms.