Western Gold Exploration plc said it had completed its previously announced non-brokered private placement for C$1,243,580 via a private placement.
The company issued 17,765,428 common shares each at a price of C$0.07.
Monaco-based Zila Corporation, which held 14.07% of WGE’s issued and outstanding common shares, acquired 4,285,714 shares for C$300,000.
The investor now holds 11,334,388 shares representing 16.71%.
Net proceeds will fund geophysics testing related to recent exploration on new targets and for general and administrative expenses.
WGE is focused on exploration of mineral properties in Scotland and discovering new opportunities across the underexplored Caledonian Appalachian.
The company is focused on the Lorne project, which includes the Lagalochan copper gold porphyry property in Argyll, and the adjacent and nearby properties along the Lorne Fault zone.
Lagalochan lies 85km northeast of Glasgow.