SolGold (LON:SOLG) shares headed north as the week ended as it struck funding deals with two major shareholders to bring in over £1mln.
The convertible loan note deals are with DGR Global Limited and Tenstar Trading for funding of A$1.25mln (around £580,000) and £500,000 respectively.
The terms of the notes are 12 months and the interest rate is 9.5% a year.
Last month, the mining group kicked of drilling on the 13th hole at its flagship Cascabel copper-gold project in Ecuador, where work is focused.
The new drill programme will run alongside Hole number 12, which SolGold revealed is still intersecting strongly mineralised diorite porphyry at depth, confirming the extension of the system to the south east of the Alpala Central target.
The South East Alpala target will be tested by Hole 14 pending the results of current drill holes.
Shares rose 8.33% to 1.95p each.