The issue is attractively priced at $0.025, which is a 39% discount to the 30-day VWAP, and includes a 1 for 2 free listed option exercisable at $0.05 and expiring on the 30th September 2019.
The new funds will be used for drilling the wholly-owned Garden Gully Project in Western Australia.
This project covers circa 78 square kilometres in the Doolgunna region, located 20 kilometres north-west of the town of Meekatharra.
Phil Crabb, chairman, commented: "As your chairman and the major shareholder I intend to participate in this very attractively priced issue, and so do my fellow directors.
"We encourage all shareholders to take this opportunity to purchase new shares at a very attractive price at a time when we are about to move to the next stage at the exciting Garden Gully gold project.
"We see the potential for a lot of good news from exploration in coming months and this issue will give us the funds to ensure that we can carry out the drilling needed to hopefully deliver a maiden resource at Garden Gully."
Records show the area produced 20,718 ounces of gold at an average grade of 21.7 g/t.
The project has supporting infrastructure including two operating gold treatment plants nearby.