Range International (ASX:RAN) received firm commitments to raise AU$1.6 million through the issue of 788.8 million fully paid ordinary shares to new and existing sophisticated and professional investors at AU$0.002 apiece, according to a Tuesday filing with the Australian bourse.

The offer price is a 32.9% discount to the company's 30-day volume weighted average price, the filing said.

Proceeds will be used for repayment of existing debt, general working capital, placement costs, expansion into the Philippines, and for funding the production cost of rental pallets, the filing added.

The new shares are expected to settle on Nov.7, the company said.

Company shares fell 14% in recent trade.