Gold prospector Kentor Gold has raised $28 million via a share placement to fund its Andash Gold-Copper project in the Kyrgyz Republic.
The discounted $0.13 per share offer was oversubscribed in Australia, Asia and Europe, Kentor said.
The funds will allow Kentor to acquire 80% of the Andash project, acquire a mining and construction fleet and commence early stage development of the project.
Andash is expected to commence production in 2011. Kentor shares are currently trading at $0.15.