TrivarX (ASX:TRI) secured firm commitments to raise nearly AU$2.3 million through the placement of 150 million new fully paid ordinary shares at AU$0.015 apiece, according to a Monday filing with the Australian bourse.

The issue price is a nearly 10% discount to the company's 15-day volume-weighted average price.

Participants will be issued one free attaching option for every two new shares subscribed for with an exercise price of AU$0.025 and expiring two and a half years from the date of issue, per the filing.

Proceeds will fund the upcoming clinical trial with the US Department of Veterans Affairs and other ongoing research and development initiatives, the filing stated.

TrivarX's shares climbed nearly 7% in recent Monday trade.