WIA Gold (ASX:WIA) said it has received binding commitments to raise AU$92 million through the issue of 200 million new fully paid ordinary shares at AU$0.46 per share from new and existing institutional and sophisticated investors, according to a Wednesday Australian bourse filing.

The offer price represents an 8% discount to the last traded price of AU$0.50 on May 15 and a 5.9% discount to the 10-day volume weighted average price of AU$0.489, the filing added.

Proceeds will be applied primarily toward advancing the Kokoseb Gold Project, including execution readiness and early works programs and pre-production capital expenditure, with settlement expected on May 26 and allotment and quotation of new shares on May 27, it added.