Western Gold Resources (ASX:WGR) received a commitment for a placement of 18 million fully-paid ordinary shares at AU$0.04 apiece to raise a total of AU$720,000, before costs, according to a Friday filing with the Australian bourse.
The shares will be issued under the company's placement capacity and in a single tranche, the filing said.
The firm will use the funds for its working capital and to support metallurgical work, grade control, and infill planning at the Gold Duke project in Western Australia, among other purposes.
The firm's shares rose nearly 8% in recent trade on Friday.
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