Zoom2u Technologies (ASX:Z2U) received binding commitments to raise AU$500,000 through the placement of 7.1 million shares at AU$0.07 apiece, according to a Tuesday filing with the Australian bourse.

Every two new shares issued will be accompanied by one free-attaching option, with an exercise price of AU$0.09 and an expiry date of Sept. 10, 2026, the filing said.

Company directors also committed to subscribe for 2.1 million shares with a value of AU$150,000 and will be issued with 1.1 million options, pending shareholder approval.

Proceeds will be used to provide additional working capital for the growth of the Locate2u business, per the filing.