KEFI Minerals (LON:KEFI) says the completion of a £4.9mln placing unveiled last November is on track as it announced the third and final tranche.
The cash is planned to be mainly used on its flagship Tulu Kapi project in Ethiopia to the point in mid-2015 where it is planned that full development funding be arranged.
The third tranche of shares has been conditionally placed with Perth Partners, a new cornerstone investor, acting for Goldfields Resources Fund, a new mining finance sub-fund of Perth Global Funds.
Perth Partners' Goldfields Resources Fund will become KEFI's largest shareholder with 15.7% and sit alongside other recently introduced cornerstone investors Odey and Standard Life.
KEFI chairman Harry Anagnostaras-Adams said: "We continue along the targeted financing path for our Tulu Kapi gold project in Ethiopia.
"We are also making progress on identifying appropriate mining contractors and existing processing plants worthy of consideration for use at Tulu Kapi to help further reduce our funding requirements.
"In the meantime, we look forward to welcoming Perth Global Funds and thank them for their support as we advance towards the commencement of development at Tulu Kapi."