The company late last week closed a placement of 22.5 million units at 20c, comprising one share and one share purchase warrant at a strike price of 30c and valid for 24 months.

CEO Michael Rowley said several new investors participated in the raise, including a lead order from Palisades Goldcorp.

"The additional funding will enable an expanded programme at our flagship Stillwater West project where we own the second largest land position in the western hemisphere's most productive PGE district, adjacent to Sibanye-Stillwater's three world-class palladium-platinum mines," he said.

Group Ten's work to date had demonstrated the potential for multiple ‘Platreef-style' deposits - bulk tonnage nickel and copper sulphide mineralisation enriched in palladium, platinum, gold, rhodium and cobalt - in the lower Stillwater Complex ground, based on known parallels with South Africa's Bushveld complex.

The company said drilling last year supported its geological model and it was now aiming to advance to maiden resources in three target areas.

Phase two geophysics on the target areas would aim to identify potential extensions.

A third phase of step-out and extension drilling is expected to kick off next month.

Group Ten said in June it had satisfied conditions of an earn-in agreement to move to 100% ownership of Stillwater.

At C21c the stock (TSXV:PGE) is down 4.5% year to date, giving the company a market value of $25 million (US$18.4 million).