Nimy Resources (ASX:NIM) received firm commitments to raise AU$1.7 million through the issue of 28.7 million shares to sophisticated, professional, and otherwise exempt investors, at AU$0.06 apiece, according to a Wednesday filing with the Australian bourse.

The issue price represents a 14.7% discount to the stock's 15-day volume-weighted average price, the filing said.

Participants will receive one free attaching unlisted option for every two shares issued, with an exercise price of AU$0.10 and expiring three years from the date of issue, the filing said.

Proceeds will be used to fund exploration across multiple targets and complete a resource definition, the filing added.

Shares of the company fell 6% in recent Wednesday trade.