Kalamazoo Resources (ASX:KZR) received firm commitments for an AU$8 million placement of 47.1 million new shares at AU$0.17 apiece and launched a share purchase plan (SPP) to raise up to an additional AU$2 million, potentially bringing total capital raised to AU$10 million, according to a Wednesday Australian bourse filing.

The issue price represents an over 16% discount to the stock's 10-day volume-weighted average price, per the filing.

Settlement is scheduled for Jan. 6, 2026, and the shares will be officially issued on Jan. 7, 2026, the filing said.

The SPP enables eligible shareholders as of Tuesday to apply for up to AU$30,000 in shares without brokerage fees, while the company may scale back, underwrite, or expand the plan if total demand surpasses AU$2 million, the filing added.

The proceeds will be used to fund resource delineation and exploration drilling, the Mt Olympus pre-feasibility study in Western Australia, additional exploration activities, and general working capital.