AIC Mines (ASX:A1M) has received firm commitments for a placement of approximately 66.7 million new shares at an issue price of $0.45 per share to raise $30M.

Placement proceeds will be used to fund initial work related to the Jericho mine development and Eloise processing plant expansion, which is expected to increase the company's annual production to over 20,000t Cu and 10,000oz Au in concentrate and reduce mining costs at Jericho due to shallower ore.

The Placement is expected to occur in two tranches, with an unconditional placement of 56.3 million fully paid ordinary shares and a conditional placement of 10.4 million fully paid ordinary shares (subject to shareholder approval).

The growth-focused Australian resources company says existing substantial shareholder FMR Investments has committed to investing approximately $1M in the Placement.