Equinox Resources (ASX:EQN) received firm commitments to raise AU$3 million via a two-tranche placement of fully-paid ordinary shares to investors, according to a Friday Australian bourse filing.

The placement will be conducted at an issue price of AU$0.095 per share. Participants will also receive one free attaching option for every two new shares subscribed for and issued, exercisable at AU$0.145 on or before three years from the date of issue.

The first tranche will consist of 30,962,500 new shares, issued under the firm's placement capacity. The second tranche for 616,448 new shares and 15,789,474 placement options will be subject to shareholder approval.

CPS Capital Group acted as the lead manager.

It will use the funds to advance the Mata da Corda titanium project in Brazil, the Alturas antimony project in Canada, and the Hamersley iron ore project in Western Australia.

Its shares fell over 13% in recent trading on Friday.