Beacon Minerals Ltd. received firm commitments for a placement of its ordinary shares to raise A$8.0 million at 4.2 Australian cents per share.
The company said Aug. 19 that it will use the funds to accelerate its exploration and resource definition programs at its Jaurdi gold project in Western Australia and look to increase the five-year mine life.
Beacon will also accelerate exploration at its newly optioned Stockdale tenement and the recently acquired prospecting licenses P16/2925 and P16/2926.
Full production at the Jaurdi project is expected in the fourth quarter.
Meanwhile, the company appointed Alexander McCulloch an executive director for development.