PC Gold (ASX:PC2) has secured binding commitments from institutional investors to raise around AU$24 million through a single-tranche placement of 36.8 million new fully paid ordinary shares at AU$0.65 each, representing a 19.4% premium to the 15-day volume-weighted average price, according to a Monday filing with the Australian bourse.

Settlement of the placement is expected on Feb. 13, with the new shares set to begin trading on Feb. 16, per the filing.

The funds will be used for exploration and resource definition drilling, refurbishment and extension of the underground adit, the environmental bond for early works, the Spring Hill feasibility study, grade control drilling, and general working capital, the filing added.

The company's shares fell around 3% in recent Monday trade.