Impact Minerals (ASX:IPT) received firm commitments to raise AU$4 million through the issue of 615.4 million fully paid ordinary shares to sophisticated investors at AU$0.0065 apiece, according to a Tuesday filing with the Australian bourse.

Each new share includes one free attaching option exercisable at AU$0.015, expiring on Sept. 28, 2027, the filing said.

Proceeds will be used for exploration, general working capital, placement costs, investments, and for work at the company's project, the filing added.

The new shares are expected to settle on Sept. 26, the company added.

Impact Minerals' shares tumbled almost 13% in recent Tuesday trade.