12:31 PM EST, 01/28/2025 (MT Newswires) -- (Updates shares.)

Cornish Metals ( SBWFF ) at last look gained 3.5% on the TSX Venture Exchange after saying it will raise at least 56-million British pounds to advance its South Crofty tin project in the United Kingdom.

The fundraising includes 28.8-million pounds through an investment by the National Wealth Fund (NWF), which will buy up to 359.38 shares at 8 pence apiece.

Vision Blue Resources, which owns 26% of Cornish, also agreed to buy shares at the issue price. Directors also agreed to subscribe for 127,805 pounds worth of shares.

"We are very pleased to welcome NWF as a major shareholder in Cornish Metals ( SBWFF ) and to lead this fundraise alongside Vision Blue, demonstrating support for the company and our plans to bring tin mining back to Cornwall," chief executive Don Turvey said.

"South Crofty is a strategic asset with the ability to responsibly provide a secure, high grade long-term supply of tin, reviving Cornwall's rich mining history and contributing to the local economy and the UK's transition to net zero," Turvey said.

The company's shares were last seen up $0.005 to $0.15 on the TSX Venture Exchange.

Price: 0.15, Change: +0.01, Percent Change: +3.45