Alligator Energy (ASX:AGE) received commitments from institutional and sophisticated investors to raise AU$15 million via a placement of 333.3 million new fully paid ordinary shares at an offer price of AU$0.045 per share, according to a Thursday Australian bourse filing.

It will also conduct a share purchase plan at the same offer price to eligible shareholders, to raise up to a further AU$3 million. Eligible shareholders will be able to apply for up to AU$30,000 worth of new shares.

It will use the funds raised to complete the current drill program at the Big Lake project and advance the feasibility study for the Samphire uranium project, among other things.