Northern Ireland gold group Galantas Gold Corporation (LON:GAL) has completed a £930,000 private placing with existing shareholders at 4.2p per share.
Following the placing, investment group Melquart now holds19.2%, Canadian Ross Beaty has 17.9% and Roland Phelps, chief executive,18.7%.
READ: Galantas Gold announces channel sample results from Kearney vein
The net proceeds will fund the ongoing underground development at the Omagh gold mine.
Phelps said: "The funding allows us to continue the underground development."
“The Kearney vein has been accessed and limited mill feed is being produced from vein development.
"A new drill rig is operational and the delivery of new loading equipment is anticipated in October.
“The main access tunnel (decline) continues to be developed towards lower levels.
“Two larger, 14 tonne capacity, used loaders have been purchased for use in developing the decline. One has been refurbished in-house and is in operation."