Benz Mining (ASX:BNZ) received firm commitments to raise AU$13.5 million through the placement of about 33.8 million CHESS Depositary Interests (CDI) in the company at a price of AU$0.40 apiece, according to a Wednesday filing with the Australian bourse.

Spartan Resources (ASX:SPR), the company's largest shareholder, agreed to participate in the placement and will maintain its 14.9% shareholding, pending shareholder approval, the filing said.

The proceeds will be used for exploration activities at the Glenburgh and Egerton projects in Western Australia, a scoping study at the Eastmain mine in Canada, and general working capital, per the filing.

Benz Mining shares fell almost 4% in midday trade Thursday.