Oceana Gold has maintained investor confidence, with just $A2 million ($NZ2.56 million) of a possible $A55 million in convertible notes being cashed in by investors.
Oceana had $A55 million of $1 convertible notes on issue, with an option deadline having just passed for them to be redeemed for cash next month.
Craigs Investment partners broker Peter McIntyre said the redemption of just $A2 million, or 3.6% of the total, revealed strong investor confidence.
"Only a small proportion have taken the opportunity for repayment, which is positive news for Oceana, as that funding line remains largely intact," he said.
Oceana hopes to reignite interest and finance for a mothballed development, the Didipio gold and copper mine in the northern Philippines.
While investors worldwide have been clamouring for bullion in the face of US and European economic uncertainty, the shares of some larger gold producers have similarly been underpinned by renewed investor interest.
Shares in Oceana, which tipped a record $5.41 in September, were yesterday trading up slightly at $4.79, having recovered from a steady decline which saw the share bottom out at just 22c in December 2008.
The remaining $A53 million notes held would mature in December 2012 and be converted into shares for the holders, Mr McIntyre said.
Oceana, which bought back its forward hedge contracts earlier this year and now sells 100% on the daily global market, easily raised $NZ151 million in early October, through warrants which will be traded on the Toronto Stock Exchange, where the triple-listed company maintains its principal listing.
Being totally unhedged, Oceana was able to make the most of escalating gold prices during its last trading quarter to September - the gold price peaked at $US1374 in October.
