Caracal Gold PLC on Tuesday aid it has raised £140,000 through a subscription of shares.

The East Africa-focused gold producer said it will issue 46.7 million shares priced at £0.003 each.

The subscribers will be issued with one warrant for every new subscription share subscribed for, with an exercise price of £0.0042 per warrant. The warrants will expire in three years from issue.

It shares were trading at £0.27 each in London on Tuesday morning.

Caracal said the funds will be used for working capital at the its Kilimapesa gold mine and for various corporate costs including annual audit, prospectus costs and funding related costs.

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