Trigg Minerals (ASX:TMG) began the process for a dual listing on the Nasdaq via an American depositary receipt program, according to a Thursday Australian bourse filing.

An American depositary receipt is a negotiable receipt, resembling a stock certificate, that is issued by a US depositary bank and evidences underlying ordinary shares.

The proposed listing is subject to the submission of a registration statement to the US Securities and Exchange Commission and a listing application to Nasdaq.

The firm also received commitments to raise around AU$2.5 million through the issue of 16,666,667 fully paid ordinary shares to Tribeca Investment Partners at AU$0.15 per share.

The placement will also include the issue of 8,333,334 options, each exercisable at AU$0.20 and expiring three years from the date of issue, and with each new option issued for every two shares subscribed.

It will use the funds raised for its US operations as well as for working capital purposes.