Sky will issue new shares priced at 22c each totaling $10.5 million, with $473,000 being subscribed for by directors.
Sky's management has direct experience with McPhillamy's, a 2 million ounce deposit - 60.1 million tonnes grading 1.05 grams per tonne - that Regis Resources is attempting to permit and bring into development.
Drilling by Sky last month at Hume showed geology and mineralisation consistent with a McPhillamy's target.
Follow up drilling beginning next month will entail 1500-2000m of diamond core.
Shares in Sky were up 10.5% to 26.5c in midday trade, capitalising the company at $67.5 million.
The stock has a 52-week high-low range of 36.5c-0.4c.