The placement of about 10.11 million shares is part of a larger placement of 12 million units at 42c.
Each share is accompanied by half a non-transferable option at 55c exercisable within two years.
NEW Guinea Gold has raised almost $C4.25 million ($US3.66 million) after closing the first tranche of a private placement designed to facilitate the Sinivit development and accelerate exploration at its Imwauna play, both in PNG.
The placement of about 10.11 million shares is part of a larger placement of 12 million units at 42c.
Each share is accompanied by half a non-transferable option at 55c exercisable within two years.