Talonx Resources (ASX:TXR) received firm commitments to raise AU$750,000 through the placement of 75 million new shares at AU$0.010, according to a Friday filing with the Australian bourse.

Directors agreed to subscribe for AU$65,000 of the shares, subject to shareholder approval, the filing said.

Proceeds will be used to fund gold exploration activities at the Blair North project and the Viking project, which are both located in Western Australia, per the filing.

Shares fell 8% in morning trade on Friday.