Mayur Resources (ASX:MRL) is raising AU$80 million via a two-tranche institutional placement, according to a Wednesday filing with the Australian bourse.

The capital raise comprises AU$29.8 million under tranche one and AU$50.2 million via tranche 2, with an offer price of AU$0.28 per new Chess Depository Interest. This represents a 20% discount to the last closing price of AU$0.35 on Feb. 18, per the filing.

New investors and existing shareholders made binding pre-commitments for AU$31.4 million under tranche two, including AU$3 million from Appian CCL Investment, the mining-related private investment fund and debt financier for the Central Lime project.

Appian's investment is subject to certain conditions relating to a previously announced $115 million debt financing package.

Proceeds, along with the loan from Appian and existing cash, will be used for the Central Lime project in Papua New Guinea.