Chaarat Gold Holdings Ltd (LON:CGH) updated on its US$20mln fundraising plans, saying that as of end January this year, it had received US$15mln in committed funds or funding commitments.
As reported in December, the money was to be raised through a mixture of equity and short-term senior secured convertible loan notes, with the shares priced at 25p each, while the notes will convert at 33p.
READ: Chaarat Gold reckons there are now almost 1mln ounces of gold at Tulkubash
The cash will be used for plans to develop a heap leach gold mining operation at Tulkubash in Kyrgyzstan.
Meanwhile, on Wednesday this week, the firm significantly increased the resource estimate at the Tulkubash deposit, part of the Chaarat Gold Project in the Kyrgyz Republic in Central Asia.
The last estimate suggested there were just over 800,000 ounces of gold at Tulkubash, but the new update put that figure closer to 1mln ounces.
"The board believes the update may lead to further interest in the Issue," Chaarat said today in a regulatory statement.
"In addition, the company is still awaiting final responses from certain potential investors who have previously expressed interest in the Issue.
"Further shares and/or notes may be issued in the near future, and in any case by no later than 28 February 2018, for a total value not exceeding US$5m (which would bring the total value of the Issue to $20m) if further interest in the Issue materialises."