Newcore Gold (NCAU.V) after trade Thursday said it is raising $10 million in a bought-deal offering of shares.
The company is selling underwriters 18.87-million shares priced at $0.53 each, raising about $10 million in proceeds.
The company also granted underwriters an over-allotment option to buy up to an additional 2.83-million shares, which could boost total proceeds by about $1.5 million.
Newcore said it plans to use the funds for exploration and development at its Enchi Gold Project in Ghana, as well as for general corporate purposes and working capital.
The company's shares closed down $0.01 to $0.58 on the TSX Venture Exchange.