Western Gold Resources (ASX:WGR) has received commitments from new and existing investors to place 12,206,250 ordinary fully paid shares ,raising $549,281 before costs.
Western Gold Resources says the shares are at a 13% discount to the last price of $0.051 per share, and a 25% discount to the 15-day VWAP of $0.056 per share.
It also says the funds will be used to advance assessment of gold production from Eagle, Emu and Golden Monarch deposits and project generation activities.
Directors of WGR have also made commitments to subscribe for up to 833,333 new shares, and shareholder approval of the Director Placement is intended to be sought at an EGM in mid-April.