Anax Metals (ASX:ANX) received firm commitments to raise about AU$6 million through the placement of 176.4 million new shares at AU$0.034 apiece, according to a Wednesday filing with the Australian bourse.
Proceeds will be used for a high-impact exploration drilling program targeting near-mine and extensional opportunities at the company's Whim Creek project in Western Australia, the filing said.
Shares fell 3% in morning trade on Wednesday.
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