The company offered 12.2 million units at $1.10 each, with a unit comprising a share and half a share purchase warrant, exercisable within 36 months at $1.25 per share.

H.C. Wainwright & Co acted as sole bookrunner, with Haywood Securities and Roth Capital Partners as co-managers.

Vista had $7.2 million at the end of March and will use the proceeds to advance the development of the 9.4 million ounce Mt Todd gold project in the Northern Territory, Australia.

The company is envisioning a large-scale operation to produce 495,000 ounces of gold over the first five years at all-in sustaining costs of $688 an ounce.

Vista is looking for a development partner.

Shares in Vista dropped 1.2% overnight to 88c in New York, valuing the company at $103 million.