Aquirian (ASX:AQN) received binding commitments to raise AU$5 million through the placing of 19.2 million shares at AU$0.26 apiece, according to a Thursday filing with the Australian bourse.

The board committed to subscribe for AU$200,000 as part of the placement, pending shareholder approval, the filing said.

Proceeds will be used to expand the Wubin facility in Western Australia, advance technology commercialization, and general working capital, per the filing.

Euroz Hartleys was the lead manager for the placement.

Shares fell nearly 2% in afternoon trade Thursday.