Greatland has issued shares and warrants at 1.85p to raise £4.177 million (A$7.46 million). The funds raised by SI Capital and Numis Securities improved Greatland's cash balance to about £6.4 million.

The 225.8 million new shares come with warrants exercisable at 2.5p within two years.

Greatland CEO Gervaise Heddle said current shareholders and "a number of new institutional and high net worth investors" supported the financing.

"Their support is indicative of the significant progress Greatland has made over the last 12 months and our strategic position in the highly prospective Paterson region, where we believe there are multiple potential tier-one opportunities present," said Heddle.

"Our 2019 exploration program has presented some exciting results to date, which led to the decision to ramp up our exploration activities, particularly in the Paterson region.

"The funds raised will initially be used to advance our Scallywag target and several high-priority targets recently identified at our Paterson Range East licence.

"With the advancement of our exploration program, alongside the excellent first drill results from Newcrest at Havieron, Greatland is moving forward apace on multiple fronts and we look forward to providing further updates on our progress."

Greatland's share price was down 1.7% overnight to 1.79p, capitalising it at about £60 million.