Shares in Galantas Gold (LON:GAL, CVE:GAL) advanced 8% as the mining group is to get a shot in the arm from a C$2.4mln private placing, with entrepreneur and mining financier Ross Beaty set to acquire a near 15% stake.
The non-brokered placing will see 20mln units issued, with each comprising one share and one share purchase warrant, which is exercisable into one share for 12 months from closing at C$0.16 a share.
Beaty will acquire 16mln units leading to an interest before the exercise of warrants of 14.9% of the firm's capital.
The firm plans to use the net proceeds for exploration and to kick off developing the underground Omagh gold-mine.
It is Northern Ireland's only gold mine and was until recently worked by open-pit methods.
Planning consent for underground mining was received on June 11 this year.
Roland Phelps, the president and chief executive of Galantas said: "Ross Beaty has an exceptional and profitable track record of investment in mining companies.
"I am delighted that he has shown confidence in the Galantas Omagh gold project and will join our shareholder base."
Shares rose 8% to 6.75p.