African Gold (ASX:A1G) raised about CA$13.6 million following the sale of two million Montage Gold shares at an average CA$6.72 apiece, according to a Friday filing with the Australian bourse.

The Montage Gold shares were issued to the company at CA$2.87 apiece, in lieu of cash consideration, as part of Montage Gold's 17.5% investment, the filing said.

The company secured a AU$9.2 million investment through a partnership with Montage Gold, consisting of a share swap and a separate non-brokered private placement, according to a separate filing in June.

African Gold shares fell more than 1% in afternoon trade Friday.