Adamus Resources Limited (ADU) has said it would tap the market for an extra $30.5 million, via a placement and rights issue. The junior miner said the funds would be put towards providing additional capital and accelerating exploration activities at the company’s Southern Ashanti Project in Ghana.

Under the terms of the capital raising, Adamus said it would place 25 million shares at 36c per share, to raise $9 million.

A further $21.5 million would be raised from a 1-for-5 renounceable rights issue, also at 36c per share.

”The Company will now have financial capacity to undertake additional exploration in 2010 aimed at expanding our existing Ore Reserve and Mineral Resource base as we develop the mine,” managing director Mark Bojanjac said.

“To date, Adamus is on time and on budget in its construction of the Project. As such, we are well on track to becoming a 100,000+ oz pa gold producer within 12 months as planned.”

At 1059 AEDT, Adamus shares were trading down 2.5c to 37.5c each.