Richmond Hill Resources (AIM:RHR) has raised gross proceeds of £285,010 through a placing of 25.91m new shares at 1.1p each, arranged through broker Clear Capital Limited.
The AIM-listed gold explorer, focused on the Martello Gold Project near Dryden in north-western Ontario, said the net proceeds will fund general working capital and the planned drilling at its Sakoose target.
Richmond Hill's maiden diamond drill programme at Sakoose, covering roughly 1,400 metres across nine holes from five pad locations, is designed to test the down-plunge extension of a historic high-grade shoot and an eastern structural intersection; the company said earlier this year that the programme was fully permitted with mobilisation planned for the fourth quarter.
The company now expects drilling at the historic Sakoose gold mine to begin by 30 November, subject to rig availability and ground conditions.
Richmond Hill also disclosed it has staked an additional 41 claims at nominal cost, taking the Martello Gold Project to 202 claims covering approximately 6,750 hectares.
Following admission of the new shares, the company's issued share capital will comprise 761.16m shares of 0.1p each.
The placing follows a run of exploration news at Martello, including surface sampling at Sakoose that returned assays of up to 25.9g/t gold from an outcrop between two historic stope shafts, and the identification of a new high-grade target at New Church Lake.
