Botnia Exploration AB announced that it expects to receive €8 million in funding from Need Invest AB and Akilakonsulting AB.

Botnia Exploration AB (OM:BOTX) announced a private placement of 9,174,313 common shares at SEK 0.872 per share for gross proceeds of up to SEK 8,000,000.936 on October 26, 2015. The transaction will include participation from Need Invest AB for SEK 4,500,000 to hold 8% stake and Akilakonsulting AB for SEK 3,500,000 for 9.4% stake. The board of directors of the company approved the transaction.