Nordic Nickel (ASX:NNL) received firm commitments to raise AU$2.9 million via a share placement to sophisticated and professional investors, according to a Monday filing with the Australian bourse.

The placement is for roughly 47.5 million new fully paid ordinary shares issued at AU$0.006 apiece, a 21.9% discount to the 15-day volume-weighted average price, the filing said.

The placement will be completed in two tranches. Tranche one raising AU$2 million will settle on April 16, while tranche two to raise AU$850,000 is subject to shareholder approval in May, the filing added.

Funds will used for the acquisition of the Kopsa Gold-Copper Project in Finland, an upcoming drill program, and scoping studies into near-term production, the company said.

Shares of the company fell 30% in recent Monday trade.