Summit Minerals completed a heavily subscribed $2.5 million equity placement.

The funds, sourced from a mix of existing and new institutional and sophisticated investors, will accelerate the company's exploration efforts at its Equador Niobium and Tantalum Project in Brazil.

The placement saw the issuance of 10 million shares at 25 cents per share. All three company directors are set to participate, contributing a combined $100,000, subject to shareholder approval.

Summit will use the funds to fast-track an extensive exploration and drilling campaign at the Equador Project, which is known for its high-quality rock chip samples.