Stockbrokers Macquarie and Argonaut Securities are in the market with an equity raising for Dacian Gold.
The brokers contacted potential investors on Wednesday morning as the company's shares went into a trading halt.
Dacian is seeking to raise $110 million via a fully underwritten raising.
The raising was split into a $15.4 million placement and a $94.4 million entitlement offer.
New shares were being sold for $2 each which was an 8.94 per cent discount to the theoretical ex-rights price and an 11.9 per cent discount to the last close.
Macquarie was underwriter and lead manager, according to terms sent to potential investors. Argonaut was a co-lead manager.
The brokers were seeking local bids by Wednesday afternoon, and offshore bids later on Wednesday night.
Funds raised were for the company's Mount Morgans gold project, including $77 million for construction and development.
As Street Talk reported earlier this month, there is plenty of interest in Dacian and how it would fund Mt Morgans.
The company announced late last year that the three banks were tipping in $150 million debt to partially fund Mt Morgans' $220 million construction costs, and Dacian needed to come up with remaining $70 million.
