Theta Gold Mines (ASX:TGM) raised gross proceeds of around $18.6 million in total through a placement and exercise of unlisted options, according to a Monday Australian bourse filing.
The company issued around 125.7 million fully paid ordinary shares in the placement at AU$0.18 per share to professional and sophisticated investors, to raise around $15.6 million.
The placement was cornerstoned by Chengtun Gold (Hong Kong), a unit of Chengtun Mining Group, which contributed $10 million.
Strategic long-term investors exercised around 21.7 million unlisted options at an exercise price of AU$0.2002 raising a total of around $3 million.
Proceeds of the placement, options, and bond issue will provide the total financing required to complete plant construction of the TGME gold mine project in South Africa and first gold production in 2027.
Theta Gold Mines' shares fell past 7% in recent trading on Monday.