Lowell Resources Fund's (ASX:LRT) responsible entity, Cremorne Capital, is proposing to issue nearly 5 million new fully-paid ordinary units in the fund to wholesale investors at AU$2.01 per unit, subject to the completion of settlement by way of DvP, according to a Tuesday Australian bourse filing.

The non-underwritten placement is expected to raise around AU$10 million. The responsible entity plans to conduct a securities purchase plan at the same offer price following completion of the placement bookbuild.

This comes after Cremorne Capital received interest from wholesale investors to invest additional amounts in the fund. It appointed Taylor Collison and Canaccord Genuity (Australia) to conduct a volume-based bookbuild related to the placement.