OceanaGold Corp, owner of gold mines in New Zealand, has executed a step in a previously announced C$86.3 million ($122 million) capital raising to fund a change in the way it sells its gold.

The company said it has closed an offering of subscription receipts and as a result has issued 31.16 million receipts at a price of C$2.05 each to raise C$63.89 million.

The total raised of C$86.3 million will be used to fund a move to selling gold on the spot market and for working capital.