Australian mining company Sunstone Metals raised around $5 million through a share placement at 1.2 cents per share to expand its mining efforts in Ecuador.
The funds will be directed towards the gold-copper-silver discoveries, emphasising expanding the Limon epithermal gold-silver discovery.
Directors and management have also contributed to the funds raised, subject to shareholder approval.
Proceeds will be used to confirm the potential of discoveries at the Bramaderos and El Palmar projects, define further drill targets and demonstrate the potential value of the findings to financial markets and strategic partners.