About 59.3 million shares will be placed in two tranches at 6c per share.
Directors and senior management of the company supported the investment with commitments aggregating about $200,000.
PAPUA New Guinea-focused Kula Gold has completed a heavily oversubscribed placement to raise about $A3.6 million for exploration activities at the Woodlark Island gold project.
Kula takeover complete this week
Woodlark developer's stake in Kula now 56%
More results from Woodlark drilling
Upgrade likely for Woodlark gold
BRC opens postal voting applications