The proceeds will be used to reconfigure the mill, improve recoveries, begin a drill program on the Paso Yobai gold project and for general working capital, the company said.
The resource group issued 13.8mln units at five cents a throw.
Each unit consists of one share and one share purchase warrant. The latter entitles the holder to buy one share for two years at 10 cents each.
Eric Sprott, via his holding company, 2176423 Ontario Ltd, took part in the offering, buying 2mln units for C$100,000.
As a result, Sprott beneficially owns around 35.3mln shares and 35.3mln share purchase warrants, around 27.2% on an undiluted basis and 42.8% on a partially diluted basis.