Resolution Minerals (ASX:RML) secured commitments to raise about AU$20 million before costs through a dual-tranche placement at a price of AU$0.07 per share, according to a Thursday filing with the Australian bourse.

The company will issue about 285.7 million new shares under the placement, which is cornerstoned by Tribeca Investment Partners and L1 Capital Global Opportunities Master Fund, per the filing.

The proceeds will be used to accelerate drilling, metallurgical test work and permitting activities across the Horse Heaven Project in Idaho, the company said.

Resolution Minerals is nearing a Nasdaq listing in a move that will expand US investor access and improve its market liquidity, per the filing.

Its Australian shares were down 6% in recent Thursday trade.