Bullman Minerals Inc. closed the third tranche of a nonbrokered private placement for gross proceeds of C$3.7 million, subject to regulatory approvals, bringing the total raised to C$6.2 million.

The third tranche comprised 37 million common shares at 10 cents apiece, with Hong Kong-based D&S International Investment Ltd. as the sole subscriber, according to the company's Dec. 21 news release.

Bullman outlined plans in April 2015 for a private placement to raise C$7.2 million, with D&S International, known as Haishan International Investment Ltd. at the time, subscribing for C$6.5 million.

In October 2015, the company reported that it was still awaiting the funds, expected by the end of November. The first tranche closed in December 2015, comprising 5,252,642 common shares for gross proceeds of C$525,264.

In September of this year, Bullman closed the second tranche of the offering, comprising 19.5 million common shares for gross proceeds of approximately C$2.0 million. The company changed the total proceeds expected to C$7.0 million, noting that it had received C$2.5 million to date with a further C$4.5 million anticipated.

The company plans to use the proceeds for the acquisition of preliminary mining licenses, exploration, operational costs and working capital.

Bullman is focused on advancing its Siguiri and Balandougouba gold properties in Guinea.