Gold miner Millennium Minerals has received firm commitments for an $8.1 million capital raising to provide a working capital buffer as it ramps up to full production at Nullagine gold project in the Pilbara.
Millennium announced today that existing institutional investors and high-net worth individuals had subscribed for 300 million shares priced at 2.7 cents each.
The miner is seeking to reduce its ramp up period at Nullagine from twelve to fourteen weeks down to six weeks.
The remainder of the funds not used for working capital at Nullagine will be used for exploration and development.
The Nullagine gold project contains a 1.33 million ounce gold resource contained within seven deposits.
At close of trade today, Millennium’s stock was down 6.5 per cent, trading at 2.9 cents.