05:14 PM EDT, 09/26/2024 (MT Newswires) -- Newcore Gold ( NCAUF ) on Thursday said it closed a private placement of a private placement of share units. raising $5.5 million.

The company said it placed 18.97-million units in the financing, with each priced at $0.29 and made up of a share and one half of a one-year warrant to buy a second share for $0.40.

"We are very happy to have had such strong funding support to allow Newcore to continue to advance and de-risk the development of our Enchi Gold Project in Ghana. We would like to thank new and existing shareholders for their continued support. We are thrilled to be welcoming new institutional investors who recognize the significant upside potential at our Enchi Gold Project, as we advance the project towards a pre-feasibility study," chief executive Luke Alexander said in a release.

Newcore shares closed down $0.01 to $0.325 on the TSX Venture Exchange.