First Au (ASX:FAU) said it has received firm commitments from domestic and international investors for an upsized A$1.5 million placement, via the issue of 428.6 million shares at AU$ 0.0035 per share in two tranches, according to a Wednesday filing with the Australian bourse.
The placement, originally announced at AU$1 million on May 21, has been increased following strong investor interest, while all other terms remain unchanged, the filing said.
Tranche One will comprise the issue of around 4.3 million shares issued under the company's existing capacity by June 24, the filing added.
Tranche Two, totaling 424.3 million shares, is subject to shareholder approval at First Au's annual general meeting, scheduled by July 31.
Proceeds will support the company's acquisition of the Nimba Gold Project in Liberia.
Shares of the company rose 14% in recent Wednesday trade.
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