Alecto Minerals (LON:ALO) said it has raised £1mln via a placing of stock at 0.7p a share.
Additionally, it has agreed an equity swap deal with Yorkville Advisors worth £250,000.
The cash injection will allow the group to cover the costs of the initial field programme in both Mauritania and at its flagship gold Kossanto project in Mali.
This includes drilling to significantly increase the resource at the Goubassi prospect, which currently stands at 107,000 ounces of the precious metal.
Thursday’s announcement follows a significant period of activity from Alecto, the main highlight of which has been partnering with Centamin (LON:CEY) in Ethiopia.
The FTSE 250-listed gold digger has agreed to invest up to US$14mln to acquire up to a 70% interest in the Wayu-Boda and Aysid-Metekel properties.
Alecto chief executive Mark Jones said: "We are pleased to have secured this additional access to capital with new and existing investors, which follows the significant steps recently made in progressing the company's operations, including the recently announced joint venture with Centamin for our gold properties in Ethiopia.”