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The funds will be raised via the placement of 24.7 million shares at 21 cents each.
Four of the company's directors have agreed to subscribe for 850,000 of these shares.
Golden Gate also unveiled its drilling plans over the next few months, following the Manzano exploration well being drilled on the Padre Island.
Next month, the company will turn its attention to the Bullseye prospect, which is targeting the Plum Shallow sand.
In the second quarter of 2008, Golden Gate will drill wells on the Wilcox and Bowtie West prospects.
In the second half of the year, the company has plans to drill the LGS Deepening-5 well.
