Gold Mountain Ltd. raised about A$6.7 million in an oversubscribed private placement, the company said Oct. 5.
The company previously had funding commitments of A$5 million.
Gold Mountain's shares were priced at 10 cents apiece, with one free option attached for every two shares issued. The options are exercisable at 15 cents apiece by June 30, 2019.
Proceeds will be used for drilling and a bulk sampling program to estimate a JORC-compliant resource at its flagship Crown Ridge gold project in Papua New Guinea.
Meanwhile, the company mobilized a drilling rig targeting high-grade gold veins mineralization at the project.