Beetaloo Energy Australia (ASX:BTL) secured binding commitments from existing and new institutional and sophisticated investors for a AU$66.3 million single-tranche placement at AU$0.28 per share, according to a Friday Australian bourse filing.

Beetaloo will issue a total of 236.8 million new shares under the placement, and its directors have committed to subscribe for 1.5 million new shares, subject to shareholder approval. The new shares will be issued under the firm's existing placement capacity.

It also plans to launch a non-underwritten share purchase plan to raise up to AU$5 million to provide eligible shareholders an opportunity to participate at the same price as the placement, subject to shareholder approval.

It also upsized a AU$45 million Midstream Infrastructure Facility with Macquarie Bank from AU$30 million. The firm will issue an additional 25 million options to Macquarie with an exercise price of AU$0.35 per share and expiry date of Dec. 31, 2029.

It plans to use the funds for the completion of Carpentaria Gas Plant works and continuation of flow testing at Carpentaria-5H, among other things.

Its shares fell 16% in recent trading on Friday.