Black Dragon Gold raised $1.2 million in a private placement to advance its Salave Gold Project in northern Spain.

The offering attracted significant participation from the board and sophisticated global investors, including from Spain.

The funds will support activities to progress and de-risk the flagship project, one of Europe's largest undeveloped gold projects. The oversubscribed placement involved offering 50 million new shares at 2 cents each and one-for-one free attaching options.

Proceeds will bolster the project's permitting program and advocacy efforts in the Asturias region.