E79 Gold Mines (ASX:E79) is set to raise AU$1.8 million via a two-tranche placement for around 56.2 million shares at AU$0.032 apiece, according to a Monday filing with the Australian bourse.
Tranche one consists of 25.5 million shares for AU$817,000 while tranche two consists of AU$983,000 for 30.7 million shares subject to shareholder approval.
One free unlisted placement option will be issued for every two placement shares exercisable at AU$0.07 with an expiry of June 30, 2026, also subject to shareholder approval, the filing added.
GBA Capital and Whairo Capital were as joint lead managers for the placement.
Funds raised from the placement will be applied immediately to exploration at the company's Laverton South gold project and working capital, the filing said.
Company shares were down 4% in recent trade.
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