Ausgold (ASX:AUC) completed its share purchase plan (SPP), allowing eligible shareholders to subscribe for up to AU$30,000 in shares on the same terms as recent placement participants, according to a Friday filing with the Australian bourse.

The company aimed to raise up to AU$10 million through the SPP but received applications totaling around AU$15.3 million, prompting the board to scale back allocations so that all eligible applicants receive 65.17% of the shares they requested, per the filing.

A total of 12.5 million new shares are expected to be issued on Dec. 23, with trading set to begin on Dec. 24, the filing said.

The combined funds raised from the placement and the SPP, totaling AU$90 million, will primarily be used for the development of the Katanning gold project, including the construction of a workforce accommodation facility, land acquisition, further exploration, and general working capital, the filing added.