Southern Cross Gold Consolidated (ASX:SX2) closed the first tranche of its CA$143 million, or AU$162 million, private placement to raise nearly CA$88.8 million, according to a Wednesday filing with the Australian bourse.

The company issued around 19.7 million common shares, of which nearly 16.2 million are converted to Chess Depositary Interests at a price of CA$4.50, or AU$5.10, each, the filing stated.

Stifel Nicolaus Canada and Aitken Mount Capital Partners acted as joint lead managers and joint bookrunners, together with Jett Capital Advisors as co-manager.

The second tranche is expected to close around May 14, with target gross proceeds of CA$54.3 million.

Funds will be used to support the company's Sunday Creek gold-antimony project north of Melbourne, per the filing.