Verity Resources (ASX:VRL) is seeking AU$1.5 million through a share placement, according to a Thursday filing with the Australian bourse.
The company received firm commitments to raise AU$307,500 by issuing 25.6 million ordinary fully paid shares at AU$0.012 each.
Participants are entitled to receive one free attaching unlisted option for every two shares subscribed for, exercisable at AU$0.022 per share and expiring on March 19, 2028.
The company also plans to raise an additional AU$1.2 million via a placement of 99.4 million shares and 49.7 million options under the same terms. This is subject to shareholder approval at a general meeting.
Funds raised will be used to advance the Monument gold project in Western Australia.
Verity Resources' shares were down 13% in recent Thursday trade, earlier hitting a 52-week low.
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