Solis Minerals (ASX:SLM) closed the first tranche of its recently announced placement of roughly 22 million CHESS Depositary Interests over common shares at AU$0.085 apiece, raising AU$1.9 million, according to a Thursday filing with the Australian bourse.

The company's total issued equity capital after tranche one allotment is 109.8 million shares, the filing said.

The placement's second tranche is awaiting shareholder approval at a special meeting scheduled for April, according to the filing.

Shares fell nearly 5% in afternoon trade Thursday.