Torque Metals (ASX:TOR) secured firm commitments to raise AU$25 million through the placement of around 131.6 million new shares at AU$0.19 each, priced at a 4.4% discount to the stock's 15-day volume-weighted average price, according to a Thursday Australian bourse filing.

The shares are expected to settle on Oct. 15 and will rank equally with the company's existing shares, the filing said.

The proceeds will be used to accelerate exploration at the Ritz Gold Project, test regional targets across the South Kalgoorlie Gold Camp, fund geophysical surveys and exploration infrastructure, and support working capital and corporate costs, the filing added.

The company's shares fell around 10% in recent Thursday trade.