Ampella Mining has raised $47 million to continue exploration and complete feasibility studies at its Burkina Faso gold projects.
Ampella announced a private placement and share purchase plan priced at $1.30 per share to raise the funds.
The placement, to institutional investors, involves the issue of just over 30 million shares to raise $40 million.
Patersons Securities acted as lead manager to the placement.
As second placement, to Taurus Funds management would raise $5 million, subject to shareholder approval.
Full details of the share purchase plan, to raise $2 million, will be announced shortly, Ampella said.
Ampella said it currently had 11 drilling rigs on site at its Konkero project in Burkina Faso, and is targeting additional gold resources close to the existing 3.1 million ounce reserve.
At 1:44PM WST, Ampella stocks had gained 2.7 per cent, at $1.34.