Impact Minerals (ASX:IPT) said its largest shareholder, who holds 17% of the company, will subscribe for their full entitlement as part of the ongoing AU$5.2 million renounceable rights issue, according to a Wednesday filing with the Australian bourse.

Further, lead manager and underwriter Mahe Capital agreed to double its underwriting to AU$2 million. The rights issue will close on March 21.

Proceeds will be used to fund a range of exploration activities.