OzAurum Resources (ASX:OZM) received firm commitments to raise more than AU$1.8 million via a share placement, according to a Monday filing with the Australian bourse.

The placement comprises the issue of 29.1 million shares at AU$0.06 apiece, which is a 12% discount to the last traded price.

The Australian miner will also issue 3 million options with an exercise price of AU$0.09 each and an expiry date of March 10, 2028, to CPS Capital, which is acting as lead manager to the capital raising.

Proceeds will be used to fund the company's exploration activities at the Mulgabbie and Patricia gold projects in Western Australia, as well as the niobium project in Brazil.