New Frontier Minerals (ASX:NFM) secured firm commitments to raise AU$1.6 million through the issue of 144.5 million shares at AU$0.011 apiece, according to a Wednesday filing with the Australian bourse.

Proceeds will be mainly used to drill-test targets for heavy rare earth elements, niobium, and uranium at the Harts Range project in the Northern Territory, the filing said.

Shares fell past 14% in afternoon trade Wednesday.