Infini Resources (ASX:I88) received firm commitments to raise around AU$3.4 million through the issue of 4.1 million fully-paid ordinary shares in the firm via a placement, according to a Thursday Australian bourse filing.
The issuance will utilize the "flow-through shares" provisions under Canadian tax law at an issue price of AU$0.837 per share to raise the funds.
Bell Potter Securities acted as lead manager and book-runner to the placement.
It will use the funds for exploration activities at its Portland Creek uranium project in Canada, including diamond drilling at the Talus prospect as well as fieldwork to follow up on additional magnetic, radiometric, and soil anomalies.
The firm's shares fell over 5% on Thursday's close.
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