Australia-based miner Excelsior Gold has completed share placement to raise AUD5m ($5.16m) to fund its operations at the Zoroastrian deposit.
The miner issued 27.78 million shares to undisclosed investors at $0.18 per share with a settlement date of 28 February 2013.
Excelsior stated that the placement had strengthened its financial position besides providing a facility to fund its operations at Zoroastrian and other potential deposits.
BBY Limited and Veritas Securities Limited jointly facilitated the placement that was conducted in compliance to approval obtained on 29 November 2012.
Excelsior managing director David Hamlyn stated: "We are pleased with the outcome of the capital raising, which provides additional funding to fast tracks our exploration activities, continue to drill out the Zoroastrian deposit, and advance the prefeasibility studies."