Zimi (ASX:ZMM) upsized tranche two of its private placement to raise AU$1.4 million via the issue of shares at AU$0.006 each by AU$408,000, according to a Tuesday Australian bourse filing.

The additional funds increase the gross proceeds of the placement to AU$1.9 million via the issue of 308.5 million shares at the same offer price, the filing said.

The offer price represents a 25% discount to the company's last closing price on July 1, the filing added.