FireFly Metals (ASX:FFM) received firm commitments to raise up to AU$95 million via the issuance of up to around 94.7 million fully paid ordinary shares through a charity flow-through offering, two-tranche institutional placement, and Canadian bought deal financing, according to a Tuesday Australian bourse filing.

The equity raising will include an around AU$11.2 million charity flow-through placement to Canadian investors priced at around AU$1.49 per new share, an around AU$54.9 million two-tranche institutional placement at AU$0.96 per new share, and an around AU$28.8 million fully underwritten Canadian bought deal offering with BMO Capital Markets.

The company also plans to undertake a non-underwritten share purchase plan to raise up to an additional AU$5 million at the same offer price as the institutional placement.

It will use the funds for the Green Bay copper-gold project, including underground development and resource extension, and infill drilling.

The firm's shares fell nearly 3% in recent trading on Tuesday.