Kerr Mines Inc. completed an oversubscribed non-brokered private placement, raising C$6.1 million, it said Dec. 14.
The proceeds exceeded the originally announced target of C$5 million due to high investor interest.
The company will issue 20,371,869 shares at 30 cents apiece under the placement.
Kerr intends to use the funds to advance its flagship Copperstone gold-copper mine in Arizona to a production restart decision. The company is targeting to complete an updated resource and pre-feasibility study in the first quarter of 2018, which will be followed by a production decision.