Element 25 (ASX:E25) extended the at-the-market subscription agreement with Acuity Capital Investment Management to provide the firm with up to AU$30 million in standby equity capital over 36 months, according to a Tuesday Australian bourse filing.

The facility may be used for the expansion of the Butcherbird manganese project in Western Australia, as well as for working capital and funding the company's growth.

Element 25 has full discretion under the agreement on whether or not to use the facility, the maximum number of shares to be issued, the minimum price of the shares, as well as the timing of each subscription, per the filing.

The company's shares fell nearly 5% in recent trading on Tuesday.