Viridis Mining and Minerals (ASX:VMM) secured commitments to raise AU$25 million through the placement of about 13.2 million new shares at AU$1.90 apiece, according to a Wednesday filing with the Australian bourse.

Proceeds will be used to advance technical and permitting workstreams for the Colossus project in Brazil, enabling the company to finalize offtake and financing discussions and begin project execution activities in the third quarter of the year, the filing said.

Shares fell 8% in morning trade on Wednesday.