Excelsior Mining Corp (TSE: MIN, FSE: 3XS, OTCQX: EXMGF) revealed it had closed the first tranche of its previously announced placing, bringing in around C$22.16mln (US$17.2mln).
The second and final tranche consists of around a further 16.4mln shares at C$1 each for gross proceeds of around C$16.46mln (US$12.8mln).
That tranche will be subscribed for by an affiliate of Greenstone Resources LP and is expected to close in the first half of January, 2018.
As revealed earlier this week the firm increased the size of its previously announced financing to more than C$38.63mln from C$26mln due to demand.
"The offering was oversubscribed with strong support from major North American, United Kingdom and European-based institutional investors alongside Greenstone, the company's major shareholder," said president and chief executive Stephen Twyerould.
"With this financing, pre-construction activities at Gunnison will continue on pace as we prepare to seamlessly transition to well-field construction as planned, upon the receipt of the final permit and project finance, expected in the new year.
"Backed by stakeholders that share our commitment for technical excellence and environmental stewardship, we remain on-track for copper production in 2018."
The net proceeds of the offering will be used for the development, construction and maintenance of the company's Gunnison copper project, including the acquisition of long-lead items, and for working capital requirements, the firm said.