Great Divide Mining (ASX:GDM) received firm commitments to raise AU$2.1 million via a share placement, according to a Thursday filing with the Australian bourse.

The company will issue roughly 4.9 million new shares at AU$0.42 apiece, representing a nearly 13% discount to the last closing price of the company's shares.

Settlement is expected on March 31. New shares will be issued on April 1.

Proceeds will be used for various exploration activities.

Great Divide's shares were up 1% in recent Thursday trade.