The ASX-listed Kuniko said it had received binding commitments from institutional, sophisticated and professional investors for a fundraising pricing new shares at $1 each.

Aside from certain directors subscribing for a total of $315,000 of new shares, no details on other investors or Hancock's outlay were disclosed.

Other shareholders will get the opportunity to participate in an additional $2 million share purchase plan.

Kuniko indicated it will use the funds to progress work at its various cobalt, copper, nickel and lithium prospects in Norway.

Kuniko was last year demerged from ASX-listed, zero carbon lithium, Germany-focused venture Vulcan Energy Resources, which retained about 26% of the Norway targeted company.

Hancock and his mother Gina Rinehart are investors in Vulcan Energy.

There is no indication Vulcan is participating in the latest Kuniko raising.

Shares in Kuniko were down 9% to $1.05 in morning trade, capitalising the company at $59.3 million.

Kuniko had $4.9 million cash at the end of March.