Excelsior Gold says it has raised $4.8 million in a placement to help fund development of its Kalgoorlie North project.
The company said it had issued 40 million new shares at 12 cents a share through BBY.
The company said the funds raised would help progress the pre-feasibility and infrastructure re-location studies required to bring its Excelsior deposit and surrounding satellite deposits into production.
The Kalgoorlie North project is 45km north of Kalgoorlie just north of Norton Gold Field's Paddington gold mine and immediately south of Aphrodite Gold's deposit.
The project includes 98sqkm of granted mining and prospecting leases and hosts a known resource of 715,000 ounces with further drilling expected to find more gold.Excelsior shares were off one cent, or 7.14 per cent, to 13 cents at 9.45am.