High-Tech Metals (ASX:HTM) issued 8.4 million fully paid ordinary shares at AU$0.15 per share to raise AU$1.3 million following shareholder approval, according to a Friday Australian bourse filing.

It also issued a total of 6.7 million options exercisable at AU$0.25 on or before January 19, 2026, free attaching on a one-to-two basis for each share subscribed for in the placement of 16.7 million fully paid ordinary shares at AU$0.15 per share via a placement to raise AU$2.5 million.

Ragnar Metals (ASX:RAG) subscribed for a cornerstone investment of AU$1.2 million under the placement. Ragnar has the right to elect a director to the board of High-Tech Metals and will do so following the settlement.

High-Tech Metals will use the funds to advance its project portfolio, including for upcoming drill programs, heritage surveys, and working capital.

Its shares fell over 11% on market close on Friday.