Nimy Resources (ASX:NIM) secured firm commitments to raise AU$2.8 million through the placement of 32.4 million shares at AU$0.085 apiece, according to a Wednesday filing with the Australian bourse.

The placement also involves the issue of one free attaching unlisted option for every two shares subscribed for, with an exercise price of AU$0.135 and expiring three years from issue, subject to shareholder approval, the filing said.

Proceeds will be used to expedite exploration at its Block 3 gallium discovery, within the Mons project in Western Australia, according to the filing.

Shares fell 3% in afternoon trade Thursday.