Gold exploration company Glass Earth Gold has raised $C996,300 ($NZ1.4m) in the second tranche of a private placement.
That took the total raised through the placement to $C2.73m, most of which would be used for exploration work, Glass Earth said today.
Company chief executive Simon Henderson said gold sales from placer, or alluvial, gold mining in Otago were for the most part offsetting general and administrative expenses.
"As a result, the private placement funds we have raised will be predominantly spent on the ground, drilling four identified and ready to drill targets," Mr Henderson said.
A 27-drill hole programme was planned at Muirs Reef, between Tauranga and Rotorua, while in the South Island Glass Earth would drill three targets that it believed had "game-changing" potential for the company.
The company also said that, in line with an April agreement, it had agreed to issue 100,000 common shares to an arm's length lender for loaning the company $100,000 on an interest-free basis.
The loan is to be repaid to the lender, without interest, by September 30, with the shares to be issued in lieu of interest on the loan.
