Managed by Evolution Capital, Petra Capital, Euroz Hartleys and Sprott Capital, the raising is pricing new shares at 12.5c each.

The stock was at 1.6c in December when Caldeira emerged in Meteoric's portfolio, and at 14.5c when trading was halted to announce Keystone had failed to come up with the funds for the Juruena gold project in Brazil being sold by Meteoric.

Undisclosed institutions are involved in the current raising.

Meteoric said the 2023 work program at Caldeira would include further drilling, metallurgical testwork and the start of economic scoping.

A maiden resource is being targeted at the end of the month.

Meanwhile, Dr Andrew Tunks is back at the helm at Meteoric, being appointed executive chairman.

In addition, Dr Marcelo de Carvalho has been appointed executive director-chief geologist, with recent CEO appointment Nicholas Holthouse leading activities at the Caldeira.

Former chairman Pat Burke moves into a non-executive position.

Shares in Meteoric were down 17% to 12c in midday trade capitalising the company at $183 million.