Focus completes $28m capital raising

Perth-based Focus Minerals has completed the second part of its $28 million capital raising, with shareholders out in force for the $3 million share purchase plan.

The gold company said it received more than 1,000 applications for a total of $3.75 million under the share purchase plan offer.

Shares in the purchase plan were priced at two cents apiece with 150 million to be issued.

Oversubscriptions for the share purchase plan will not be accepted with shares to be issued on a first-in-first served bases, Focus said.

Earlier this year, Focus raised $25 million through a share placement.

The majority of funds raised will go towards the refurbishment of the Three Mile Hill treatment facility at the company's Coolgardie gold project,

Last month VDM secured the $17 million contract for work at the treatment facility.

Shares in Focus were up 0.1 cent to 2.7 cents at 11:50 AEST.