Gold Hydrogen raised $14.8 million through an institutional placement to fund further exploration and project developments on the Ramsay Project.

The offer, which comprises of 19.7 million shares priced at 75 cents per share, was oversubscribed and brought on board new institutional investors in the resource sector.

Areas of opportunity highlighted by the project include the discovery of hydrogen with up to 73.3% purity and high helium concentrations.

The shares are expected to be settled on Dec. 12, with the new shares to be allotted on Dec. 13.