Galantas Gold Corp (LON:GAL, CVE:GAL) is to raise up to C$2.54mln through a placing of shares at C$0.0725, or 4.5p a share.
The gold producer, which owns the Omagh gold mine in Northern Ireland, said funds from the share issue will be used to augment working capital, and to finance the commencement of the development of an underground mine at Omagh.
Shares in Galantas eased one-eighth of a penny in London trading to 5.5p and by a cent to C$0.0850 in Toronto.