The company said on Friday that it had received firm commitments for the placement of more than 111.11-million shares, at a price of 3.6c each, in an oversubscribed placement.

The shares will be placed under Viking’s existing placement capacity, and will not require shareholder approval.

Proceeds from the capital raise will be used to extend the Phase 1 drilling programme at First Hit, and to fund the start of Phase 2 drilling, as well as for general working capital.