DevEx Resources (ASX:DEV) received firm commitments to raise AU$32 million via a placement of 220.7 million shares at AU$0.145 apiece, from existing and new institutional and sophisticated investors, according to a Wednesday Australian bourse filing.

The offer price represents a 9.2% discount to the stock's five-day volume-weighted average price, the filing said.

Additionally, the company will offer a share purchase plan (SPP) to existing eligible shareholders to raise a further AU$3 million at the same offer price, the filing added.

The funds will be used to support the company's recent acquisitions of additional tenure, the company said.