Cobre (ASX:CBE) received binding commitments to raise AU$60 million through the placement of 400 million shares at AU$0.15 apiece, according to a Thursday filing with the Australian bourse.

In tranche one, 49 million shares will be issued to raise AU$7.4 million, while 351 million shares will be issued in tranche two to raise AU$52.6 million, subject to shareholder approval, the filing said.

Proceeds will be used to fund the earn-in and acquisition of the interest in the Sierra Atacama project in Chile, a drilling program for the new Chile assets and existing Botswana assets, and capital expenditure, per the filing.