Ballard Mining (ASX:BM1) secured firm commitments to raise AU$61 million through a placement of 76.3 million shares at AU$0.80 apiece, according to a Friday filing with the Australian bourse.

The offer price represents an 6% discount to the stock's five-day volume-weighted average price, the filing said.

Funds raised will be used for general corporate costs and working capital, development studies, stamp duty, and for drilling during the year, the filing added.

The placement is expected to settle on Jan. 30, the company said.