05:22 PM EDT, 03/12/2024 (MT Newswires) -- Montage Gold ( MAUTF ) on Tuesday said it closed a private placement of shares that raised C$35.2 million.

The company said it placed 50.3-million shares in the financing, with each priced at C$0.70. The placement was initially expected to raise C$20 million.

Funds raised will be used to advance its Kone project in Cote d'Ivoire, as well as for exploration and working capital.

"We are very pleased with the strong investor demand received for our upsized non-brokered private placement, led by a significant investment from the Lundin Family along with notable investments from directors and officers of Montage," chief executive Martino De Ciccio said in a release.

Montage shares closed unchanged at C$1.17 on the Toronto Stock Exchange.