Battery Age Minerals (ASX:BM8) received firm commitments to raise AU$1.5 million through the placement of 18.3 million shares at AU$0.082 apiece, according to a Tuesday filing with the Australian bourse.

The company's directors and management subscribed for a total of AU$210,000 under the placement, subject to shareholder approval at a general meeting in late March, the filing said.

Proceeds will be used to advance the company's El Aguila Project in Argentina, according to the filing.

Shares plunged 18% in afternoon trade Tuesday after earlier hit an all-time low.