BBX Minerals secured fiscal commitments to raise around $6 million by issuing investors 222.2 million new shares at 2.7 Australian cents each, with an attached one-for-two free option exercisable at 5 cents.

The placement will occur in two tranches, with 112,517,251 shares issued under the existing placement capacity and the remaining 109,704,971 shares and options, subject to shareholder approval.

Proceeds will be allocated for debt clearance and to support ongoing exploration projects.

The first tranche will be settled on Sept. 29 settlement, followed by approval processes for the second tranche and options issuance in early October.