The small gold exploration company Minmet is to raise £9.9 million sterling (£11.8 million) through a share placing.

The company plans to place 68.75 million new ordinary shares at 8p sterling each and offer 65.6 million new ordinary shares at the same price.

The funds will be used to finance the group's evaluation programmes at the Cuiaba Basin gold project in Brazil, the Castromil/Serra da Quinta mining project in Portugal and the Valongo-Gondomar gold project in Portugal.