Aurum Resources (ASX:AUE) received firm commitments for a single-tranche institutional placement of about 95.5 million new fully paid ordinary shares at AU$0.55 per share, raising gross proceeds of AU$52.5 million, according to a Wednesday Australian bourse filing.

Proceeds will fund early procurement of long lead items for the Boundiali Gold Project in Ivory Coast, construction of a site access road, land acquisition for the plant and tailings storage facility, further exploration drilling, and working capital, the filing added.

The Boundiali mineral resource estimate update is targeted for early fourth quarter the year, with a definitive feasibility study expected late this year, and Aurum expecting a cash balance of AU$95 million following completion of the placement, the filing added.

The company's shares fell past 2% in recent Wednesday trade.