Mawson Resources (TSE:MAW) said it had closed a previously announced private placing, bringing in around $3.14mln gross, which will allow it to advance drill plans in Finland.
The group, whose flagship property is the Rompas gold project, issued around 15.7mln units at 20 cents each, with each unit consisting of one share and one-half of one share purchase warrant.
Net proceeds will be used to drill at the property aiming to complete a resource estimate in Q2, 2016, and for general working capital.
Chief executive Michael Hudson told investors: "What remains universal in our industry is that exploration lays the foundation for all value creation.
A large-scale gold discovery with high grades, at surface, in a good jurisdiction has the potential to withstand the normal cycles in our business.
We are fortunate to have shareholders that realised this potential early on during the discovery process at Rompas-Rajapalot.
"Since then we have all persisted during the long Finnish permitting process to get drill rigs onto site. A huge vote of thanks goes out to all participants.
"Post financing, Mawson will hold in excess of C$6 million cash which allows us to continue confidently with our drill plans, with the aim to work towards the first resource calculation on the property during the first half of 2016."
Each share purchase warrant is exercisable to buy one further share at $0.30 for two years until Dec 2, 2017.
Directors, including Hudson, and Mark Saxon participaterd in the cash call.