Theta Gold Mines (ASX:TGM) said it will raise AU$9.3 million via the placement of about 59.8 million shares at AU$0.155 apiece to two additional private cornerstone investors, according to a Tuesday filing with the Australian bourse.

The funds will be used to advance the company's gold mine in South Africa and to cover working capital, the filing said.

The company will issue one free attaching unlisted option expiring on Oct. 10, 2027, for every 2.4 shares issued under the placement, subject to shareholder approval, at an exercise price equal to or higher than 80% of the stock's 10-day volume-weighted average price or AU$0.155.

The company also invited eligible shareholders to raise a maximum of $1.3 million via a share purchase plan, the filing added.

The company's convertible lenders agreed to convert all outstanding loan principal along with accrued interest totaling about AU$7.8 million into 44 million shares, with an exercise price of AU$0.17647, expiring 18 months from the date of grant, the company said.

Shares of the company rose nearly 6% in recent Tuesday trade.