Majestic Gold Corp. said Dec. 21 that it has closed its upsized nonbrokered private placement raising total proceeds of C$9.8 million by issuing 72.50 million units at 13.5 cents apiece.

The company was targeting to raise C$10 million from the financing.

Each unit consists of 1 common share and 1 share purchase warrant, with each whole warrant exercisable to acquire an additional share for about 15.5 cents for a two-year period from closing.

Proceeds are earmarked for partially funding the construction of housing for inhabitants of two villages that are being relocated due to close proximity to the Songjiagou open-pit operation in China, and for general working capital purposes.