Altamin (ASX:AZI) said its non-renounceable entitlement offer is now open, aiming to raise up to AU$6.5 million through the issue of new shares in the company at AU$0.025 apiece, according to a Monday filing with the Australian bourse.

Eligible retail shareholders will be able to subscribe for 45 new shares for every 100 existing shares held, the filing said.

Proceeds will be mainly used for exploration and related activities at the company's Lazio and Gorno projects in Italy, as well as for offer expenses, corporate expenses, and working capital, per the filing.

Shares fell nearly 3% in midday trade on Monday.