Gold producer Blackham Resources is in front of institutional investors seeking an equity injection.
Stockbrokers Canaccord and Petra Capital kicked off the company's $30 million raising on Wednesday, seeking bids from institutional and sophisticated investors.
New shares were being sold for 68¢ each, which was an 18 per cent discount to the last close of 83¢.
The brokers were seeking bids by Wednesday afternoon.
Blackham is an Australian gold producer, whose Matilda gold project started production last October.
Funds raised were to fund the company's expansion, with Blackham seeking to grow production beyond 200,000 ounces a year.
Blackham's biggest shareholder is Hunter Hall Investment Management which has a 13 per cent stake.
