The fund raising follows a recent joint venture with Tirupati Carbons & Chemicals Group, an India-based graphite mining and processing group.
Stratmin will also use some of the proceeds for general working capital purposes.
The gross proceeds were raised via a placing of 15,625,000 new ordinary shares of 4 pence each. It will see the holding of Stratmin’s controlling concert party decrease slightly to 35.07%.
Stratmin Global Resources CEO Brett Boynton said: "This placement will enable us to accelerate the bankable feasibility studies for a new mine and plant with a target 12,000 tpa flake graphite output.
"We have a team active on the ground drawing expertise from our in-house geology team, our in-country exploration consultants Vato Consulting and the highly experienced technical team from our collaboration partners, Tirupati.
"Leveraging all the knowledge from our existing deposit at Loharano, they are rapidly progressing Mahefedok to development stage."
