ioneer (ASX:INR) received firm commitments to raise about AU$25 million through the placement of 253 million shares at AU$0.10 apiece, according to a Friday filing with the Australian bourse.

The company will also offer eligible shareholders the opportunity to participate in a non-underwritten share purchase plan to raise up to a further AU$5 million on the same terms as the placement, per the filing.

Proceeds will fund the advancement of the Rhyolite Ridge project in Nevada, the filing said.

Shares fell 4% in afternoon trade Friday, and earlier hit their lowest since March 2020.