The company on Wednesday said it had received binding commitments for the placement of more than 69.2-million shares, at a price of 8c each.

The shares would be placed in a single tranche under the company’s existing placement capacity.

“We are extremely pleased with the strong demand from new institutional and sophisticated investors, and we also thank our existing shareholders for their continued support,” said Great Boulder MD Andrew Paterson.

“This is a strong validation of Great Boulder’s Western Australian gold and base metal asset portfolio, exploration team and strategy. The placement positions the company with a strong treasury to accelerate exploration programmes at Side Well and Whiteheads and to undertake our maiden exploration programme at the exciting new Wellington project, once tenure is granted.”

The placement would allow the company to fund reverse circulation and aircore drilling programmes at the Side Well gold project and Whiteheads gold project, to follow up significant intersections, target primary gold zones and strike extensions, and to run a maiden exploration programme at the Wellington base metal project.