Hillgrove Resources (ASX:HGO) raised AU$5 million via the issue of 143.8 million new shares on April 4, bringing the total capital raised, to AU$18 million, according to a Thursday Australia bourse filing.
The SPP, which targeted AU$3 million but received AU$8.2 million in subscriptions, led to a scale-back of all applications under the terms of the capital raise, the filing said.
The funds will be used to accelerate exploration and fast-track the development of the Nugent project, the filing added.
Shares of the company rose 6% on market close.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.