Encounter Resources (ASX:ENR) secured AU$25 million through a placement of around 55.6 million shares at AU$0.45 each, with strong support from new and existing institutional, sophisticated, and professional investors, at an 11.7% discount to the five-day volume-weighted average price, according to a Thursday Australian bourse filing.

The funds will be used to expand drilling at the Aileron niobium-rare earth elements-copper project, accelerate copper exploration in the Paterson Province, and cover working capital and placement costs, the filing said.