RTG Mining (ASX:RTG) received commitments to raise roughly AU$19.5 million through the placement of 783 million new securities at AU$0.025 apiece, according to a Monday filing with the Australian bourse.

In the first tranche of the placement, about 169.3 million securities will be issued, while the remaining 613.7 securities will be issued in tranche two, subject to shareholder approval, the filing said.

Proceeds will be used to advance the Mabilo project in the Philippines, according to the filing.

Foster Stockbroking was the lead manager and book runner for the placement.