Pantoro Ltd (ASX:PNR) has raised circa $127,000 from the conversion of 2.1 million $0.06 options, which are deep in the money considering the company's last traded price of $0.235.
Another $100,000 is expected to be raised from the final outstanding 1.9 million options, which expire tomorrow, Friday 25th August 2017.
Pantoro is currently producing gold from its wholly-owned Nicolsons Project in Western Australia.
Over the past two-years the company's market cap has increased five-fold, with its valuation now approaching $200 million.
Pantoro has also built up its balance sheet, holding $11.9 million in cash and gold at the end of June 2017, with debt of 4500 gold ounces.
Production is scalable, with scoping studies to double production to 100,000 ounces per annum completed, with significant expenditure to expand Ore Reserves underway.