Heavy Minerals (ASX:HVY) has raised AU$200,000 by utilising its at-the-market (ATM) subscription agreement with Acuity Capital, converting 650,000 collateral shares at a price of AU$0.31 per share, a 6.9% discount to the recent volume weighted average price, according to a Friday filing with the Australian bourse.

The set-off shares reduce the 2.6 million collateral shares Acuity Capital would otherwise return at ATM maturity, the filing said.

The funds raised will be used to support working capital, the filing added.