Greatland Gold PLC (LON:GGP) has raised £750,000 to fund the ongoing exploration of its assets in Australia.
The junior has six licences (four in Western Australia and two in Tasmania) including Ernest Giles, Paterson and the recently acquired Panorama in WA where sampling for gold and cobalt has just started.
READ: Greatland Gold gears up for exploration at the Panorama cobalt project
Shares in the placing were issued at 0.45p with a one-for-one warrant attached that exercises at 0.7p within two years, the company said in a statement.
Gervaise Heddle, chief executive, said the placing was aimed at specialist mining investors and was oversubscribed. The money will allow it to accelerate its exploration plans across the Australian portfolio, he added.
Cash balances at the company have risen to about £1.5mln following the placing.