It had announced plans yesterday to raise $10 million through the issue of 6.95 million flow-through shares priced at $1.44.

Before day-end, Bonterra said it and a syndicate of agents led by Cormark Securities had agreed to increase the offering to $13 million and also issue common shares at $1.05 to raise a further $2.1 million.

The gold junior had also raised $15 million in December, at $1.15 per share, having originally hoped to raise $10 million as it brushed off an opportunistic takeover bid.

Bonterra is aiming to graduate from an advanced explorer to a development company over the next 18 months.

Its Gladiator, Barry and Moroy projects in Quebec have a combined measured and indicated 698,000 ounces of gold and an inferred 1.4 million ounces.

It's aiming to update all three projects' resources by the end of the second quarter, followed by a preliminary economic assessment by year-end.

It was also two-thirds through the permitting process to expand its Bachelor mill, "the only permitted and operational gold mill in the region," from 800 to 2,400t/day, Bonterra said earlier this month.

Its shares (TSXV: BTR) closed up 7.3% to $1.17, valuing it about $106 million (US$85 million).