West Australian gold explorer Verity Resources (ASX:VRL) is set to top up its treasury with the support of a $3 million raising from sophisticated, institutional and professional investors.

The funds will contribute to the company’s efforts in growing the existing 154,000oz resource at its Monument gold project in WA’s Laverton Gold District.

Verity has already completed Phase One of a 6,5000m drilling program focused on resource upgrade and expansion works, while Phase Two is set to begin.