Nex Metals Explorations (ASX:NME) raised AU$1.1 million after revising and repricing its earlier placement, following some unfulfilled investor commitments, according to a Tuesday filing with the Australian bourse.

The revised placement consisted of 39.2 million ordinary shares at a new adjusted price of AU$0.027 per share, the filing said. The company had planned on issuing 42.9 million shares at AU$0.036, for gross proceeds of AU$1.5 million.

Funds raised will be used for assessing development options for the Western Australia project, expenditures, working capital, and exploring potential acquisitions, the filing said.