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West African focused gold explorer Gryphon Minerals Ltd (ASX:GRY) has raised $45.2 million to fund exploration in West Africa.

The funds were raised via a share placement, Gryphon saying it will issue a tranche of 36.1 million fully paid ordinary shares to new and existing North American, European and Australian institutional investors at an issue price of $1.25 a share.

The explorer says it will also initiate a share purchase plan for eligible shareholders to raise up to $3 million at a $1.25 a share.

Proceeds from the placement will be used to aggressively fast track exploration at its flagship Banfora Gold Project in Burkina Faso and begin exploration at its newly acquired Tijirit Gold Project in Mauritania.

Managing director, Steve Parsons, says this capital raising demonstrates the strong backing the company has from the professional investment community for Gryphon's strategy to build a significant West African gold company.

Gryphon Minerals posted a loss for the 2009 calendar year.