The placing and subscription comprised 5.6 million new ordinary shares at a price of 17p per share. Phoenix will also issue one warrant for every four subscribed shares, exercisable at 28p per ahare and valid until January 31, 2022.

The new shares are expected to start trading on AIM on February 12, bringing the company's total share capital to 38.7 million ordinary shares.

In combination with a smaller December fundraising, Phoenix has now raised £1.3 million to develop Empire.

The company is awaiting the completion of Empire's new resource calculation, which is being completed by independent consultant, RPM Global.

CEO Dennis Thomas said the company was also aiming to increase the area of the property to the north and west of the current 1,837 acres (7.4sq.km) to include other historic mines and known mineral occurrences.

"We expect to receive the last of the 2018 drill programme assay results imminently. Environmental base line studies, geotechnical and hydrological studies, mine design and planning, metallurgical test work, process plant design, infrastructure design, environmental impact studies and economic analysis will all follow over the remainder of this year," he said.

Thomas added Phoenix would continue exploring the expanded Empire property for base metal oxides and sulphides, as well as gold, silver and tungsten, which occurred in the lower levels of the old Empire mine.

Phoenix's shares were trading at 19.8p Wednesday, having lost 21% since the start of the year and 39% in the past six months.