Altitude Minerals (ASX:ATT) received commitments to raise AU$2.5 million through the issue of up to 113.6 million shares at AU$0.022 apiece, according to a Friday filing with the Australian bourse.

The placement also involves one unquoted option for every two shares issued at an exercise price of AU$0.034, expiring July 31, 2027, the filing said.

Proceeds will be used to acquire new silver and gold targets at the Firenze project in Nevada and to drill copper and gold porphyry targets in New South Wales, per the filing.