Adavale Resources (ASX:ADD) has secured further binding commitments from sophisticated and professional investors for an additional $0.82 million through a placement. This brings the total placement to $2.47 million.

The company also plans to undertake a 1-for-5 entitlement offer, aiming to raise a further $2 million.

The new funds will support the current drilling program, following the recent discovery of massive nickel sulfides at the Luhuma Central Prospect in Tanzania.

Funds raised will be used to accelerate nickel exploration at the company’s project in Tanzania among other things.