The junior explorer has sold 6.55 million common shares at a price of 45 cents apiece, and 13.56 million flow through shares at a price of 52 cents each.
Aside from Falco's Horne 5 deposit, the new funds will also be used for further exploration at its Rouyn-Noranda complex in Quebec, as well as for general working capital needs.
The placement was conducted by a syndicate of agents led by Scotia Capital, Falco said.
Falco is one of the largest claim holders in the province of Quebec, with extensive land holdings in the Abitibi Greenstone Belt. It owns 72,800 hectares of land in the Rouyn-Noranda mining camp, which represents 70 percent of the entire camp and includes 14 former gold and base metal mine sites.
The company's principal property is the Horne Mine Complex, which was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Falco is hoping to replicate this with its Horne 5 deposit, the largest undeveloped deposit in the region.
Its current strategy is focused on identifying opportunities to increase the size of the resource estimate within its Horne complex, while also working on exploration targets within the remainder of its large land package.
In September, the company appointed Sean Roosen, the former chief executive of Osisko Mining and current CEO of Osisko Gold Royalties, as its new chairman, following an announcement that Osisko Gold plans to increase its stake in the junior exploration company to nearly 15 percent.
The move significantly strengthened Falco's board, and positions the company on a path to success with regards to developing its Horne mine assets in Quebec.