Metals X (ASX:MLX) will subscribe for 34.4 million shares for a consideration of AU$2.1 million in the AU$70.5 million capital raising by Tanami Gold (ASX:TAM) through a fully underwritten one-for-one renounceable entitlement offer of new shares at AU$0.06 apiece, according to a Friday filing with the Australian bourse.

The subscription will maintain the company's interest in Tanami Gold at 2.93% of the expanded issued capital, the filing said.

Metals X shares rose nearly 2% in morning trade Friday and earlier reached an all-time high. Meanwhile, Tanami Gold shares fell 15%.