Gold explorer Echo Resources has tapped investors for $5 million to fund ongoing development of its Yandal project near Wiluna.

Perth-based Echo will raise $4 million from investors through the placement of 40 million shares at 10 cents each, and plans to accept $1 million in oversubscriptions.

The price of the raising represents at 16.5 per cent discount to the company’s 30-day volume-weighted average price.

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