Emmerson shares were trading at 3.84p early today, up more than 42% since the start of 2019 but off the recent high of 6.2p reached in May.

The company's CEO Hayden Locke said the oversubscribed new share issue showed good investor support for Khemisset.

"These funds enable us to continue our strategy of rapidly advancing the project and our discussions with various potential strategic partners, without the pressure of impending short term capital requirements," Locke said.

"The second half of the year will see significant project related news flow including metallurgical test work results, an updated mineral resource estimate, various partner discussions in country, continuing offtake discussions and the delivery of the full feasibility study."