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Ragnar Metals Ltd (ASX: RAG) has announced a $1.225m capital raise.

Ragnar Metals Ltd (ASX: RAG) has announced it has received firm commitments from various sophisticated and professional investors to raise $1.225 million through the issue of 35 million shares at an issue price of $0.035 each. The capital raising announcement follows Ragnar Metals sharing an update with investors that it has received results from the downhole geophysical survey recently completed at the Granmuren nickel-copper discovery within the company’s 100%-owned Tullsta Nickel Project in Sweden.

When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.

More often than not, the shares are sold at a discount to the company’s share price at the time to entice new and existing investors.

Shares of Ragnar Metals Ltd traded flat at $0.046/share following the announcement.

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