Native Mineral Resources Holdings (ASX:NMR) raised AU$4.1 million under its non-renounceable entitlement offer to advance its gold projects, including its Far Fanning and Blackjack gold deposits in Queensland, according to a Wednesday Australian bourse filing.

The firm had previously announced a one-for-one pro-rata non-renounceable entitlement offer of up to 398.4 million fully paid ordinary shares at AU$0.04 per share to raise up to AU$15.9 million.

The shares will be issued on Friday and will rank equally with existing shares on issue.

It received applications for a total of 103.2 million shares from eligible shareholders at the close of the offer on Jan. 24, 4, representing around 26% of the total amount. The firm's chief executive Blake Cannavo applied for his full entitlement under the offer of AU$3 million.

It said it is committed to securing AU$15.9 million in funding.

Maas Group Holdings (ASX: MGH) chief executive Wes Maas conditionally agreed to invest in the entitlement offer shortfall, so as to hold up to 19.9% of the shares in the Native Mineral Resources. This is subject to the firm meeting a minimum subscription from existing shareholders and placement of a shortfall of AU$7.9 million.

The firm expects Maas to invest at least AU$6.5 million if the minimum subscription condition is met.

The mining firm said that it is on track to achieve first gold production in the third quarter at its Charters Towers projects.

The firm's shares rose over 2% in recent trading on Wednesday.