UPDATE 2.25pm: Thundelarra shares fell after the explorer raised $7.5 million in a discounted placement for further drilling at its Doolgunna projects.
The company said it had placed about 39.5 million new shares priced at 19 cents each with institutional and sophisticated investors through Bell Potter Securities.
Thundelarra said the funds would allow it to accelerate and expand exploration programs following recent encouraging results from its Red Bore prospect.
The company expects to begin another drilling campaign in the second week of August.
Thundelarra said some of the funds would also be used for a seismic survey program.
Shares in Thundelarra closed down half a cent at 23 cents after touching an earlier low of 21.5 cents.