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Investors have committed $20 million at 10c per new share, while directors will add another $1.4 million on top of that.
Dreadnought's last fundraising was $12 million at 6c per share six months ago.
Dreadnought has become increasingly bullish on its Mangaroon ground in the Gascoyne region of Western Australia, with six carbonatites to be tested for "Mt Weld-style" mineralisation characteristics - with Mt Weld being Lynas Rare Earths' world class REE deposit.
Dreadnought also owns other REE, gold, base metal, PGM and lithium-prospective tenure in WA.
The Dean Tuck-led company has an enterprise value of more than $300 million.
Post the current raising, Dreadnought will have more than 3.3 billion shares on issue.
