Heavy Minerals (ASX:HVY) has raised AU$200,000 through a share set-off under its at-the-market (ATM) subscription agreement with Acuity Capital, according to a Monday filing with the Australian bourse.

The funds were raised by setting off 665,000 collateral shares at a deemed price of AU$0.30 per share, a 4.9% discount to the 15-day volume-weighted average price, the filing said.

The set-off shares reduce the 1.9 million collateral shares Acuity Capital must return to the company at ATM maturity or termination, per the filing.

The proceeds will be used for working capital, the filing added.