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KORE Mining (TSXV: KORE) on Friday announced a non-brokered private placement of C$3 million consisting of 6.66 million shares at a price of C$0.45 per share.

Canadian businessman Eric Sprott and Australia’s Macquarie Bank, two of the major shareholders of the company, are subscribing for the entirety of the placement (4.44 million and 2.22 million shares respectively).

Shares of KORE Mining surged by 20% to a two-year high of C$0.60 a share on Friday morning. The Vancouver-based gold miner has a market capitalization of approximately C$49.9 million.

Upon completion, Sprott would hold 15.3% of the company’s issued share capital on a non-diluted basis, while Macquarie would hold 8.5%.

Net proceeds are expected to advance KORE’s gold exploration portfolio, including the Imperial and Long Valley projects in California. The company also owns the FG Gold and Gold Creek projects in the Cariboo region of British Columbia.

“I am delighted to welcome this follow-on strategic investment from two of our major shareholders. The continued support by these two leading mining investors is a strong endorsement for KORE’s portfolio of advanced gold assets,” KORE president and CEO Scott Trebilcock said in a press release.

“Backed by ounces in the ground and a strong PEA on the Imperial project, KORE’s value proposition remains strong. I am pleased to continue supporting the company,” Sprott commented.