The subscription was for 160mln shares at 0.25p each with a small number of new investors, the firm said.
The price represents around a 6.7% discount to the closing price of 0.268p on June 14.
Sula's chief executive Roger Murphy said: "I'm delighted with this support from a series of professional and high net worth investors. It is also pleasing that this direct subscription was oversubscribed and as such there were no fees payable by the company.
"We look forward to updating the market with assay results from the ongoing drill campaign in the coming weeks."
Proceeds will mainly be used to complete the current diamond drill programme at Ferensola gold project both at Sanama Hill and also at the recently discovered new gold-bearing area - the Southern Target - where three holes have hit the yellow metal.
Sanama Hill already has a JORC exploration target of between 5mln and 7mln tonnes at a grade between 4 and 8g/t (grams per ton) for between 0.8 and 1.5mln ounces of contained gold.
As well as the subscription shares, 160mln warrants were issued, allowing the subscribers one further new share at 0.35p per share for three years.
Sula shares added 4.35% to 0.24p.