Strickland Metals (ASX:STK) said the private placement to Zijin Mining Group to raise AU$5 million has been completed, according to a Wednesday filing with the Australian bourse.

The placement involved the issue of 54.9 million shares at AU$0.091 apiece, the filing said.

Zijin Mining Group now holds about a 2.4% stake in the company, according to the filing.

Strickland Metals shares fell 3% in morning trade Wednesday.