Shares in Alba Mineral Resources PLC (AIM:ALBA) fell 23% after it discounted stock to complete a £300,000 fundraiser.
The placing and subscription were priced at 0.035p share. The close on Wednesday was 0.047p.
The proceeds will be used to carry on work at the Clogau-St David's Gold Mine in Wales.
Alba's chairman George Frangeskides expanded: "This funding will take us into the blasting and bulk sample collection exercise at the Llechfraith Target, our primary target for future gold production within the Clogau Gold Mine."