Mining group Ivernia West has raised €8.5 million in a placing of new shares with North American institutional investors and some existing shareholders. The 10.4 million new shares - 10 per cent of existing share capital - were placed at 49p sterling a share.

The proceeds of the placing will be used to advance the group's Magellan lead oxide project in Australia, exploration projects in Ireland, Australia and Kentucky, USA, and for working capital.