Mila Resources PLC (LSE:MILA) has raised approximately £696,000 through a placing at 3p per share plus a warrant.
The funds raised will be used for further exploration of the Kathleen Valley gold project in Western Australia and in particular to complete 2,400 metres (m) of drilling in addition to environmental and heritage works.
Mark Stephenson, Mila’s executive chairman, added: "Following a highly successful Stage 1 campaign, followed swiftly by a second phase of drilling which looks set to be equally positive, the Mila team are keen to keep exploration momentum up at our Kathleen Valley Gold Project.
“We are confident that the Coffey deposit, where activity is currently focussed, has all of the geological signatures of a robust gold resource.
"Our exploration team are extremely enthusiastic about our prospects at Coffey, and indeed, about the wider potential of the Kathleen Valley Gold Project, and we look forward to providing further results from our Stage 2 campaign and our plans for Stage 3."
Best drill results from Coffey so far include 6.6m at 14.86 grams per tonne (g/t) gold.