GLENCAR Explorations has completed the £12 million fundraising that will be used to increase its stake in the Wassa gold prospect in Ghana to 61 per cent. A total of 12.6 million new shares were placed with mainly London-based institutional investors at 53p per share.

In the open offer to existing shareholders, Glencar got a 63 per cent take-up with 7.3 million shares being sold. The balance of the open offer - 4.3 million shares - was placed with the sub-underwriters.