Perth-based explorer Gold Road Resources has raised $10 million through a share placement to institutional investors as it seeks to undertake further drilling at its Gruyere prospect east of Laverton.
Gold Road issued about 57 million shares at 17.5 cents each, representing an 11 per cent discount to the company's 10-day volume weighted average price.
The funds will allow Gold Road to undertake further exploration at the Gruyere prospect, which forms part of the company's 4,200 square kilometre Yamarna Belt in the Goldfields.
Gold Road executive chairman Ian Murray said the company would pursue an aggressive exploration strategy at the prospect, while also undertaking additional exploration within the region.
"We welcome the new shareholders onto our register and look forward to quickly advancing the Gruyere gold discovery, as well as undertaking the systematic testing of the other high-priority gold camp targets within our underexplored Yamarna Belt in Western Australia," he said.
The placement was jointly managed by Argonaut Securities and Bell Potter Securities.
Gold Road shares were trading 1 cent lower at 19 cents at 12:18pm WST.
