The placement and institutional raising was heavily oversubscribed by existing and new shareholders.

Dacian chairman Rohan Williams said he was delighted with the success of the offer, which came a little over two months since the company was forced to abandon a $150 million raising.

“We are particularly grateful for the support of our existing shareholders and also pleased to welcome a number of new, high quality institutions onto the Dacian register,” he said.

The company’s register already comprised around 45% institutions before the raising.

Dacian will seek to raise a further $17.6 million via a one-for-3.1 non-renounceable entitlement offer to retail investors.

Like the placement and institutional offer, the retail offer is fully underwritten by Macquarie.

“The equity raising completes the last piece of the funding package required to complete the construction of the Mt Morgans gold project through to first gold production,” Williams said.

“We can now focus all our attention on continuing project construction and mine development at Westralia and Jupiter, targeting first gold production in Q1 CY2018, and aggressively pursuing the next major gold discovery at Mt Morgans.”

Dacian shares resumed trading today and fell by 5% to $2.15, still well above the $2 raising price.