Shares in Pike River Coal gained after the miner completed the first stage of its $US90 million capital raising on Wednesday.
The company says $US10 million share placements was fully subscribed.
Pike River's largest shareholders all invested to maintain their stakes, while several new unamed institutions have also invested.
Another $US80 million is being raised through a rights issue and bond issue, to fast track large scale production at its Greymouth mine and repay debt.
Pike River shares closed 4 cents higher at $1.14.
