The Nevada-focused mine developer ended the second quarter with C$271,577 in cash and cash equivalents, up from C$218,175 a year earlier.
Since then, the company has topped up the coffers with a private placement of shares that raised C$672,100 before expenses.
The cash will be invested in a two-prong drill program at its flagship Atlanta project in Nevada, details of which were announced on Thursday.
Meadow Bay said the aim of the drilling at Atlanta will be to fill in gaps left by a previous drilling program in 2011 within both the Atlanta shear zone and the adjacent Atlanta porphyry.
A limited drill program in 2012 was successful in filling in one of these “donut holes" and demonstrated the continuity of mineralization.
“Meadow Bay’s goal is to increase the resource at the Atlanta Mine by an additional 50% by filling in the donut holes. We think this is easily achievable,” declared Christopher Crupi, chief executive of Meadow Bay Gold.
The Atlanta mine produced 121,000 ounces of gold and 800,000 ounces of silver during 1975 to 1985.
The company is in the pre-revenue stage, so profit & loss figures are not very meaningful at this stage. The company revealed the trading deficit shrank to C$504,000 compared to C$696,000 a year earlier.