The funds will be used to advance early works development activities and general working capital across its project portfolio. This includes the Fungoni and Tajiri mineral sands projects in Tanzania, Africa.

Strandline plans to fund its design and procurement of long-lead items, site establishment and early construction works at Coburn.

Strandline managing director Luke Graham said the company received a strong demand for its share placement, led by institutional investors.

“Coburn is a world-scale project with outstanding forecast financial returns in a Tier 1 location,” he said.

“This raising means we now have $23 million cash, which will enable us to undertake detailed design work and procure long-lead items, ensuring we remain on track to capitalise on the emerging demand for mineral sands.”

The funding commitments go on top of the $150 million loan facility approved by the Northern Australia Infrastructure Facility.

Strandline earlier this week awarded a road access and bulk earthworks construction contract to Macmahon, worth approximately $23 million.