Adamus Resources Ltd plans to raise up to $30.5 million in a new share sale to accelerate exploration activities at a gold mine in Ghana.

Adamus plans to raise $9 million through a placement of 25 million shares at 36 cents per share.

The company will raise a further $21.5 million in a one-for-five renounceable rights issue, also at 36 cents a share.

Adamus shares last traded at 40 cents.

"The high calibre of new investors joining our share register as part of the placement, as well as the ongoing support of existing institutional shareholders, is testament to the quality of the work by our team in Ghana," Adamus chief executive Mark Bojanjac said in a statement on Wednesday.

Adamus will use the funds to develop its Southern Ashanti Project.

Mr Bojanjac said the company was on time and on budget in construction of the project.

"We are well on track to becoming a 100,000-plus ounce per annum gold producer within 12 months, as planned," he said.