Bioxyne (ASX:BXN) received commitments to raise AU$3 million via the placing of 120 million new shares at AU$0.025 apiece, according to a Friday Australian bourse filing.

It will also issue 60 million options on the basis of one option for every two new shares, with an exercise price of AU$0.05 and an expiry date of two years from the date of issue.

It will use the proceeds to support its expansion into European markets as well as the establishment and certification of medical cannabis manufacturing facilities in the UK and Czechia.

Its directors will participate in the amount of AU$110,000, subject to shareholder approval.

Alpine Capital was the sole lead manager and book runner to the placement.