Southern Cross Gold Consolidated (ASX:SX2) said the size of its previously disclosed private placement was increased to an upsized amount of around CA$143 million, and it will use the funds to progress its Sunday Creek gold-antimony project in Victoria, according to a Thursday Australian bourse filing.

The increase came after an agreement with Stifel Nicolaus Canada and Aitken Mount Capital Partners as joint lead managers and joint bookrunners, together with Jett Capital Advisors, as co-manager for the placement.

The private placement is of an aggregate of 31.8 million of the firm's common shares at CA$4.50 per common share and/or its Chess depositary interests at AU$5.10 per each. It received strong demand from Australian, Canadian, and overseas institutional and other investors, as well as existing shareholders.

It will allocate CA$53 million for drilling targeted to establish an inferred resource by the first quarter of 2027, CA$27 million for a one-kilometer decline development to accelerate access to mineralization, CA$4 million for a preliminary economic assessment for the project, and CA$59 million for exploration target expansion and regional exploration along the 12-kilometers mineralized trend, working capital as well as general and administrative expenses over three years.

Its shares fell 6% in recent trading on Thursday.