Rupert issued 9.2 million common shares at C80c per share with a four-month hold period.
The company said it would pay $10,000 to Smaller Capital Company and $3,504 to Canaccord Genuity Limited as finders' fees for the placement.
In October, Rupert announced regional exploration had identified an extensive gold anomaly 1km north-west of the Pahtavaara mine and mill.
In addition, in-mine exploration at the project has seen channel sampling results of 24g/t gold over 1m in the east of the mine's K-Zone, 4g/t gold over 3m in the western Whaleback Zone and 4.2g/t gold over 3m in the Karoliina East area.
Pahtavaara has an inferred mineral resource of 4.6 million tonnes at 3.2g/t gold for 474,000 ounces, with a 1.5g/t cutoff.