The company's shares were at 14.6p at the start of November. Its current market value is about £34 million.

UK stockbroker SI Capital is now IronRidge's sole broker after arranging the placement.

CEO Vincent Mascolo said IronRidge was on track to start drilling "multiple targets across our suite of gold projects in Cote d'Ivoire in the near term" and deliver a maiden mineral resource for the Cape Coast lithium project in Ghana in the first quarter next year.

"The significant participation of the board and [key stakeholder] DGR Global in the fundraise confirms our confidence in the future of the business as we advance our exploration portfolio and transition from explorer to developer in the near future," Mascolo said.