Dacian Gold says its $20 million initial public offering has closed early and oversubscribed.
The company said it had already raised $20 million through the issue of 40 million shares at an issue price of 50 cents each ahead of a close date later this month.
Dacian Gold's managing director Paul Payne said the funds would be used for an intensive drilling program at the company's flagship Mount Morgans project near Laverton.
Mt Morgan was last seen in the hands of Range River Gold before Range River slipped into administration in April last year.
The project already hosts 842,000 ounces at an average grade of 3.1grams per tonne gold which includes ore reserves of 136,000 ounces at an average grade of 6.2 grams per tonne gold.
"We have engaged drilling contractors and have all necessary approvals in place to commence drilling before the end of November," Mr Payne said.
Dacian Gold is chaired by former Avoca Resources boss Rohan Williams
Dacian Gold expects to list on the ASX under the code DCN on Wednesday, November 14.