Cash strapped gold miner Apex Minerals is set to raise another $5 million through a placement.
The company, which has called a trading halt in its shares which last changed hands for 2.2c, said it planned to issue 250 million new shares at 2c each to raise $5 million from institutional and sophisticated investors.
Last month the company revealed it had sold 16,000 ounces of gold at a loss of $20 each despite cutting costs and boosting production at its Wiluna operation.
The miner's dire cash position for much of the past year has prompted fears that the Mark Ashley-headed group was teetering on the brink of collapse.
Elijah Doughty would not want the violent response his death sparked, cousin says.