1414 Degrees (ASX:14D) secured firm commitments to raise AU$2.7 million, before costs, via a placement to sophisticated, professional and institutional investors in two tranches, according to a Friday Australian bourse filing.

The placement involves the issuance of 185.3 million fully-paid ordinary shares in the firm at an issue price of AU$0.0145 apiece, together with one free attaching option for each share subscribed, exercisable at AU$0.05 each, expiring Jan. 29, 2028.

The issuance of the 185.3 million attaching options is subject to shareholder approval at an upcoming extraordinary general meeting.

Proceeds from the placement will be used to regain 100% ownership and control of the Aurora precinct in South Australia, complete the requirements to access the 275,000 volts transmission line for the grid-scale battery energy storage system project, and accelerate commercialization initiatives and investment in the data center sector.

One-third of Lind Partners' shareholding of around 43.9 million shares will be sold to investors under the placement on equivalent terms.

Its shares jumped 15% in recent trading on Friday.