The share placement will comprise up to 17.6-million fully paid ordinary shares at a price of 12.5c each, and will be undertaken in two tranches. The first tranche of some 9.15-million shares will be placed under the company’s existing capacity, while the second tranche of 8.45-million shares would be subject to shareholder approval.

“Golden State welcomes the significant support demonstrated for the placement by existing shareholders and new investors in the company. This is a very exciting time for the company as we now work towards the fully approved and expanded inaugural gold drilling programme which is planned to be in excess of 10 000 m,” said Golden State MD Mike Moore.

“The revised and upgraded scope of the programme is designed to test an increased number of high priority gold targets,” he added.