Greenvale Energy (ASX:GRV) raised AU$1.8 million through the placement of around 37.5 million shares at AU$0.048 apiece, according to a Monday filing with the Australian bourse.

The proceeds will support the company in expediting its maiden exploration program at the Oasis project and completing the current test programs at the Alpha project, both located in Queensland, the filing said.

Shares fell nearly 2% in midday trade Monday.