The interest comes with Australian Mines’ stock up more than 600% over the past 4-5 weeks.

Shares that were trading at 2c early in October have been joined by $20 million of new equity priced at 8.5c per share.

Australian Mines claims one of the world’s largest investment managers is involved in the raising, though as per standard in these situations, investors will have to take the company’s word for it given it declined to name the party concerned.

Meanwhile, Australian Mines pinned the blame for information on the raising becoming prematurely public on an unidentified Australian broker “whose firm did not have any legal relationship with the company in this placement”.

Australian Mines plans to use the funding to complete a bankable feasibility study on its Sconi project in Queensland, and for drilling and prefeasibility work at its Flemington project in New South Wales next to Clean TeQ’s Sunrise (formerly known as Syerston) project.

Shares in morning trade hit a high of 14c, with the stock up 31% to 12.7c around midday, capitalising the company at around $230 million.