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Apex's Wiluna gold mine.
Kalgoorlie Miner / Travis Anderson Apex's Wiluna gold mine.

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.