Executive chairman Colin Bird is putting up £50,000, which will take his stake to 2.5% once the fund raise completes.
Shares in the placing and subscription were priced at 0.36p with the money earmarked to upgrade the historical scoping study, onsite community development work and for drill target selection.
A portion will also be allocated to the Eureka project in Argentina, which is being assessed
The previous study undertaken at Mankayan in 2014 by Goldfields indicated a post-tax net present value of approximately US$793mln (8% discount), with total post-tax net cash flows of approximately US$3.7bn.
Laurence Read, chief executive, said reassessment of the existing Mankayan engineering studies and a focus on the last, high-grade copper-gold intersections drilled by Goldfields will be key objectives going forward.