Elementos (ASX:ELT) received firm commitments to raise a minimum of AU$8.7 million and a maximum of AU$11.6 million via a placement of about 17.5 million shares to investors and the largest shareholder, Metals X (ASX:MLX), and a pro-rata non-renounceable entitlement offer, according to a Monday filing with the Australian bourse.

Under the entitlement offer, shareholders will be able to subscribe for one share for every 30 shares held at AU$0.28 per new share, the filing said.

Proceeds will be used to reach a final investment decision for the company's Oropesa tin project in Spain, general working capital, and for the redevelopment of the Cleveland tin project in Tasmania, the company said.

The entitlement offer will close on Dec. 17, the company added.

Shares of the company fell past 5% in recent Monday trade, while shares of Metals X rose 6%.