Stockmarket darling Doray Minerals says its share purchase plan has been received well by investors, closing oversubscribed and raising a total of nearly $4 million.
Doray received 367 applications to raise a total of $3.9 million.
The funds will add to the $18 million raised in December through its 13.85 million share placement, at $1.30 per share.
The share purchase plan was capped at $3 million, and Doray said applications would be scaled back on a pro-rata basis.
Doray managing director, Allan Kelly , said the funds would be used for the development of its 80 per cent-owned Andy Well gold project in the Murchison, and to conduct exploration programs across its portfolio of tenements.
"The recent capital raising of $21 million gives us the working capital and shareholder base to get on with the job of developing Doray into a significant West Australian gold explorer and future producer by uncovering the potential of our current assets," Mr Kelly said in a statement released to the ASX.
The placement and purchase plan were both managed by Shaw Corporate Finance.
Doray was first listed on the Australian Stock Exchange in February last year, and has since seen its share price rocket from 20 cents to $1.39 at 8:45AM today.