Pacgold (ASX:PGO received firm commitments to raise AU$5.6 million through the placement of 93.3 million shares at AU$0.06 each to new and existing institutional and sophisticated investors, according to a May 30 filing with the Australian bourse.
Participants will also receive a one-for-two free attaching option with an exercise price of AU$0.10 and expires on Dec.31, 2027, subject to shareholder approval, the filing said.
Proceeds will be used to fund exploration activities at the company's Alice River Gold Project in North Queensland, the filing added.
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