07:42 AM EDT, 07/03/2024 (MT Newswires) -- Newcore Gold ( NCAUF ) said on Wednesday that it raised about $3 million from the exercise of warrants that expired on June 28.

Newcore will use the funds to advance the Enchi gold project in Ghana, where a 10,000-meter drill program is planned.

"This funding allows Newcore to continue to advance and de-risk development of our Enchi gold project in Ghana, with completion of additional drilling, metallurgical testwork and exploration work to continue to define the potential of the project," President and CEO Luke Alexander said.

The warrants had an exercise price of $0.20 per share and were issued on June 28, 2023, following the completion of a non-brokered private placement financing.

The company's share price closed 1.7% higher yesterday at $0.30 on the TSX.