Peregrine Gold (ASX:PGD) secured firm commitments to raise around AU$2.3 million before costs through a placement of fully paid ordinary shares to new and existing sophisticated and institutional investors, according to a Friday Australian bourse filing.

The company said the placement received cornerstone support from major shareholder Yandal Investments, resource-focused institutional investor Lion Selection Group (ASX:LSX) and Peregrine directors Anees Sabet and George Merhi.

Proceeds will fund maiden drilling at the Coopers and Carneys CID prospects and the Mallina Gold Project in Western Australia, subject to heritage and Programme of Work approvals, per the filing.