Musgrave Minerals Ltd. said Dec. 13 that it received commitments to raise A$5.5 million to accelerate drilling at the Cue gold project in Western Australia.

The company will place 59,782,609 shares at 9.2 cents apiece. Funds raised will be used to secure three rigs for drilling of the Lake Austin North gold discovery and other targets at Cue, as well as for general working capital.

Veritas Securities Ltd. and Canaccord Genuity (Australia) Ltd. acted as joint lead managers.