Dreadnought Resources (ASX:DRE) secured a two-tranche placement to raise AU$8.5 million, with plans to raise up to AU$1.5 million through a share purchase plan, according to a Friday filing with the Australian bourse.

The company completed tranche one of the placement, raising AU$6.1 million to advance the Find More Gold, Faster strategy and transition to a self-funded explorer, the filing said.

A general meeting is scheduled for May to obtain shareholder approval for finalizing tranche two of the placement, aiming to secure an additional AU$2.4 million, per the filing.

Shares were down 8% in midday trade Monday.