Celsius Resources (ASX:CLA) received firm commitments to raise AU$3.3 million through the placement of 412.5 million shares at AU$0.008 apiece, according to a Monday filing with the Australian bourse.

The company plans to offer participants one free attaching option with an exercise price of AU$0.01 and an expiry date of three years from the date of issue for every two shares subscribed for the placement, the filing said.

The fundraising will be conducted in two tranches, with the first tranche consisting of 212.3 million shares to raise about AU$1.7 million.

The second tranche comprises 200.2 million shares and 206.3 million options, subject to shareholder approval, the filing added.

Proceeds will be used for pre-project development of the MCB Project in the Philippines, advancing the Sagay and Botilao copper-gold projects, covering essential corporate costs, and general working capital, the company said.

Shares of the company fell past 18% in recent Monday trade, earlier hitting a 52-week low.