Rex Minerals has raised $12.6 million in a two-tranche placement at 40¢ per share to institutional investors for working capital, ahead of a major financing and debt package later this year for its $850 million Hillside copper project in South Australia.

A trading halt which had been in place while the placement occurred via joint lead managers Baillieu Holst and GMP Securities Europe was lifted on Wednesday, and the shares closed 5.5¢ lower at 40.5¢.