Superior Resources (ASX:SPQ) received firm commitments to raise AU$800,000 through a placement of 173.9 million fully paid ordinary shares, to sophisticated investors, priced at AU$0.0046 per share, according to a Wednesday filing with the Australian Securities Exchange.

One attaching option exercisable at AU$0.009 on or before April 10, 2027, will also be issued for every two shares issued, the filing said.

The issue price of the shares represents a 23% discount to SPQ's last closing price, the filing said.

The funds will be used to advance a feasibility study, progress exploration drilling, and general working capital, per the filing.