Medallion Metals (ASX:MM8) secured binding commitments to raise AU$60 million through a single-tranche placement of shares, according to a Thursday filing with the Australian bourse.

The company will issue 125 million new ordinary shares to sophisticated investors at AU$0.48 each, using its existing placement capacity, per the filing. The placement shares are expected to settle on Aug. 26.

The proceeds will help position Medallion to fully fund the remaining development and ramp-up of the Ravensthorpe gold project in Western Australia through to commercial production, the company said.

Its shares gained 4% in recent Thursday trade.