American Tungsten & Antimony (ASX:AT4) obtained firm commitments to raise AU$10 million through a placement of about 142.9 million shares at a price of AU$0.07 each, according to a Tuesday filing with the Australian bourse.

In addition to the placement, the company received firm commitments under the chairman's list to generate about AU$350,000 through the issuance of 5 million shares at the same per-share price.

American Tungsten plans to use proceeds from the placement to advance its US tungsten and antimony hub-and-spoke development, including the restart of tungsten production at the Dutch Mountain project in Utah.

Shares of American Tungsten fell 9% in recent Tuesday trade and earlier hit a 52-week low.