Gryphon Minerals raises $10m for Banfora

Subiaco-based Gryphon Minerals has raised $10 million to advance exploration efforts at its Banfora gold project in Burkina Faso.

The company has agreed to place a total of 50 million shares at a discounted 20 cents each to institutional and sophisticated clients of Euroz Securities in two tranches.

The first tranche of $3.18 million comes within the company's 15 per cent placement capacity, while the balance of the raising will need to be approved by shareholders.

Shares in Gryphon closed unchanged at 24 cents today.

Banfora has a resource of 820,000 ounces of gold at a grade of 2.4 grams per tonne.