Kalgoorlie Gold Mining (ASX:KAL) said it secured commitments to raise AU$4 million via an institutional placement, according to a Thursday Australian bourse filing.

It proposed the issuance of around 66.7 million new shares under the placement at an issue price of AU$0.06 per new share.

It will use the proceeds to accelerate exploration at its Pinjin gold project and the Lighthorse discovery in Western Australia, in addition to general working capital.

Canaccord Genuity (Australia) was the lead manager and bookrunner, while Palomar Advisory and Peak Asset Management were co-lead managers.

Its shares fell 4% in recent trading on Thursday.