SolGoldPlc intends to raise US$20 million via a private placement toadvance its 85%-owned Cascabel copper project in Ecuador, and for generalcorporate purposes.

Maxit Capital LP will subscribe for up to 238,475,000ordinary shares, or a maximum of 19.99% of the company's issued capital,according to the July 8 statement.

The offering is scheduled to close on or about Oct. 6.

In early July, SolGold entered a short-term unsecuredloan agreement withDGR Global Ltd. for up to A$7 million in funding for the period through to Dec.31.