AzumahResources Ltd. has raised gross proceeds of about A$4.7 millionfrom a share purchase plan and a placement, it said July 20.

The company secured proceeds of A$3.2 million from the sharepurchase plan offered at 4.4 Australian cents per share.

The share purchase plan exceeded the A$1.2 million amount that wasunderwritten by Patersons Securities Ltd., which was also appointed the leadmanager of the share purchase plan and the placements.

Azumah also increased its share placement to A$1.0 million,from A$800,000 previously, and agreed to raise an additional A$500,000 byissuing 11,363,637 new shares through a top-up placement to sub-underwriterswho received no shortfall.

The company previously said it plans to use the funds forexploration at Manwe  in northwest Ghana,including the Julie West project, a component of the gold property.