Papua Mining, a London-based specialist in the mining of gold and copper deposits, has completed a share issue worth around £7m and is seeking to start trading its shares on the London Stock Exchange’s junior slope Alternative Investment Market (AIM).

The company, which focuses its mining operation on Papua New Guinea, placed almost 16 million shares with retail and institutional investors, at a value of 44 pence per share.

Papua Mining now expects its shares to begin trading on AIM early next month.

Having recently applied for an additional 11 exploration licences, Papua will use the funding from its share issue to fund a drilling programme covering around 12,000 metres over the next two years.