Metminco Ltd.'s share price in March 28 afternoon trading on the ASX surged 40% as it announced a successful raising of about A$152,640 through the issue of 19,080,045 new ordinary shares.

Subscribers will also receive an option exercisable at 1.1 Australian cents per share on or before June 1, 2020, for every 3 shares subscribed.

Metminco plans to use the funds for exploration activities, retiring the Redfield convertible note, paying creditors and for general working capital.

The previously announced private placement was intended to raise about A$150,000, in combination with a A$5.6 million entitlement issue, to fund exploration at Metminco's gold properties in Colombia.