Greatland Gold completed a US$16mln (£11.9mln) fundraise to fast track its Havieron gold mine development in Western Australia.
The junior had originally intended to raise US$10mln but demand was sufficiently strong to increase the amount 60% to US$16mln, it said.
Shares in the placing were priced at 14.5p, a discount of 10.5% to the close yesterday.
Greatland has earmarked most of the money for Havieron, which is being jointly developed with Australia major Newcrest, but added anything over US$10mln would be used to speed up exploration on its asserts in the Paterson region.
Shaun Day, Greatland Gold’s chief executive: said: "The raising forms part of our strategy of delivering value to our shareholders through the ongoing development of Havieron and our broader exploration portfolio.
“We are particularly excited by the opportunity to fast track some of our development initiatives through this financing.”
Day subscribed for 375,000 shares in the placing with CFO Christopher Toom picking up 110,000.