Scotgold Resources has issued new shares to raise £2.65m and fund the first construction phase of its Cononish gold project in Scotland.
Shares were issued at £0.25 each, together with options exercisable at £0.40.
"This rights issue will enable us to start development activities as soon as the necessary permitting is in place," chief executive Richard Gray said.
"The final tranche of funding can then be concluded in parallel with this work, early in the new year, at a more appropriate stage of the project's development."
At 9:23am: (LON:SGZ) Scotgold Resources Ltd share price was 0p at 27p