Gold miner Centamin Egypt has raised $C29.6 million ($A32 million) through a private placement to three unnamed large North American resource-focused funds.
The miner said it had received subscriptions for a placement of 19 million shares at $C1.56 each share, with the offer managed by Thomas Weisel Partners Canada Inc.
The offer is subject to certain conditions including regulatory approval, and is expected to close around July 16.
Centamin said it intends to use the funds for continued exploration activities and for working capital.
"We welcome the opportunity to further solidify our shareholder base with long term fundamental resources focused investors as a result of this Offering," Centamin chief executive Josef El-Raghy said.
"We are pleased with the success of our first gold pour and remain committed to ramping up to full production towards the end of 2009."
Last week, the company celebrated its first gold pour at the Sukari gold operation, the first commercial gold mine in Egypt.
The operation is expected to achieve a production rate of 200,000 ounces of gold a year at an average cash cost of $A365 an ounce.
The mine life is around 15 years.
