Marmota (ASX:MEU) received firm commitments to raise AU$5 million through a placement of roughly 90.9 million shares at AU$0.055 apiece, according to a Monday filing with the Australian bourse.

Proceeds will be used to advance drilling campaigns, start titanium metallurgical work at the company's Muckanippie titanium discovery, and complete the scoping study and maiden resource at Aurora Tank gold in South Australia, the filing said.