The shares are being issued at a price of 10.5c each, the same price as used in Explaurum’s $4.5 million raising last July.
Explaurum started 2018 with $1.2 million in cash.
Based on scoping work, Tampia is a potential 94,000 ounce per annum operation with capex of $95 million and all-in-sustaining-costs of $888/oz.
Shares in Explaurum were unchanged at 12c in morning trade, capitalising the company at $47 million.
The stock was at 3c in early 2016 and 17c in August last year.
Other broad peers of Explaurum include Gascoyne Resources and Capricorn Resources.
Gascoyne is within months of first gold from its circa 100,000oz pe...