Unity Metals (ASX:UM1) received binding commitments for an oversubscribed placement of AU$3.5 million, and it will use the proceeds to fund drilling at the O'Phlay and Ngot gold discoveries in Cambodia, according to a Friday Australian bourse filing.

The placement involved the issuance of 23.3 million fully paid ordinary shares to institutional and sophisticated investors at AU$0.15 per share.

The placement shares have one unlisted free attaching new option for every two shares subscribed, exercisable at AU$0.225 with a two-year expiry from the date of issue.

It expects to issue the new shares and options offered under the placement, subject to settlement, on or around Oct. 1.