Miramar Resources is initiating a capital raise to fund exploration at the Bangemall Ni-Cu Project and the Gidji Joint Venture Gold Project.

The company secured commitments for $546,600 through a placement to sophisticated investors and plans a non-renounceable rights issue targeting $1.7 million.

The placement entails issuing over 45 million ordinary shares at a discounted rate, subject to further details and approvals.