Ramelius to raise $16m to fast-track purchase of and exploration at Vivien Gold project in WA SOUTH Australian gold explorer Ramelius Resources is raising $16.3 million from shareholders to fast-track a target gold project in Western Australia. Ramelius has launched a 1:4 non-renouncable rights issues for existing shareholders at 18c per share - a discount to its last placement offer of 20c. At 11:00 AEST, more than 1.3 million shares had changed hands with the share price ten per cent lower at 18c. The money raised will go towards fast-tracking the purchase of the Vivien Gold Project from Agnew Gold Mining Company, which has a current indicated mineral resource of 579,000 tonnes for 154,000 ounces of gold. Ramelius announced last week it was buying the project for $10 million. Vivien has similar characteristics to its Wattle Dam mine in WA which closed last year, the company said. Ramelius has paid $500,000 and raised $5 million from Sprott Asset Management through a share offer. It has to pay $5 million before the end of October and $4.5 million before June next year. "Funds raised will ensure that Ramelius is in a stronger financial position to fast track exploration and development of the high grade Vivien Gold Project in WA," managing director Ian Gordon said. "Proceeds from the Entitlement Issue will ensure that Ramelius retains a robust cash balance whilst it acquires and commences development of the Vivien gold project," Mr Gordon said. The company has an initial drilling program of 10 holes and wants to begin groundwork on site next month.