Resolute Mining Ltd. is looking to raise at least A$150 million to advance the development of Ravenswood extension project in Queensland, Australia, and for exploration at the Bibiani gold mine in Ghana.

The company has launched a fully underwritten institutional placement to issue at least 76.5 million new ordinary shares at A$1.96 per share, according to a Sept. 27 statement.

The Ravenswood extension project and Bibiani project will receive A$135 million and A$15 million, respectively, of the placement proceeds, while construction of the company's Syama gold underground mine in Mali will be funded through existing cash reserves and ongoing operational cash flow over the next 18 months, the company noted.

Resolute recently said it plans to inject a further A$258 million into the Ravenswood gold operation to extend its life by 13 years by restarting mining of the Nolans East, Sarsfield and Buck Reef West open pits.

The offer will close Sept. 28.