MRG Metals completed an $800,000 capital raising through a placement of 177,777,776 fully paid ordinary shares at $0.0045 each, with 1-for-1 free attaching options.

The funds are earmarked for advancing the company's Heavy Mineral Sands Joint Venture Project to the development stage and for targeted exploration activities.

The raised capital will be directed towards working capital needs as MRG Metals collaborates with its joint venture partners to make a decision to mine and to undertake subsequent mine development.

The company also plans to conduct selective exploration within its portfolio.