Philippines gold mine owner Metal Explorations (LON:MTL) has arranged a further US$10.3mln (£8.4mln) of equity finance while debt rescheduling talks continue.
New shares will be issued at 5p with new institutional shareholders largely putting up the money.
After being hit by a number of delays earlier in the year, Metals Ex said the processing plant at the Runruno mine was now ramping up satisfactorily.
First gold was poured in June but the original plan was for Runruno to have started production late last year.
The miner’s lenders have agreed a further waiver of US$15mln that was due in June until 30 November or when the refinance talks conclude whichever is sooner.
Runruno has a US$75mln debt and $8mln cost overrun facility.
Following the latest placing, MTL Luxembourg, the vehicle of property development siblings the Candy Brothers, will have a 46.86% stake.