Nico Resources (ASX:NC1) secured firm commitments to raise AU$1.1 million through the placement of 13.8 million shares at AU$0.08 apiece, according to a Tuesday filing with the Australian bourse.

Proceeds will be used for the ongoing exploration and development of the Wingellina project in Western Australia and for meeting working capital requirements, the filing said.

Shares rose 2% in midday trade Wednesday.