LONDON (ShareCast) - Noricum Gold has tapped investors for £2m which will be used to fund its exploration programme, particularly at the Rotgulden mine in Austria.

The sum was raised through an oversubscribed placing of 200m shares with new and existing shareholders at 1p a share – marking a significant discount to Wednesday night's closing price of 1.2p. Shares in Noricum Gold were trading down 12.5% to 1.05p at 09:31 on Thursday.

Strong demand from investors for the new shares follows some encouraging drilling results from Noricum last month.

Noricum Gold Managing Director Greg Kuenzel said: “We have had a fantastic start to this year’s drilling campaign with the first five holes returning significant high grade mineralisation at our Rotgulden project.

“These new funds will not only provide us with a secure platform from which to plan our 2014 programme but will also allow us to accelerate the current drilling campaign underground as well as focus our attention on t e larger regional scale targets.”

TB

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