Chaarat Gold Holdings Ltd (LON:CGH) said it continues to work to close a US$20mln funding launched in December.
On December 18, the mine developer announced that it planned to bring in the funds - in a mixture of equity and loan notes – and it has so far received US$11.36mln (US$6.4mln from equity and US$4.95mln of notes).
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Additionally, Chaarat said that it has also received expressions of interest for US$3.63mln, meaning that it has had around US$15mln of committed funds.
Meanwhile, it continues to await final responses from potential investors who previously expressed interest in the funding offer, so further equity and notes may be issued in the near future.
Chaarat also told investors that it expects to publish a feasibility study on the Tulkubash oxide deposit in April.
Once complete, the plan is to evaluate various financing scenarios for the project construction with the drilling due to start in summer 2018 - enabling first production in early 2020.