Iltani Resources (ASX:ILT) secured firm commitments for a AU$4.6 million placement at AU$0.39 per share, representing a nearly 15% discount to the stock's five-day volume-weighted average price, according to a Friday filing with the Australian bourse.

The placement comprises 11.7 million shares and 5.8 million options, exercisable at AU$0.57 each and expiring on Oct. 12, 2029, per the filing.

Most shares and options will be issued under existing placement capacity, while the issue of 384,615 shares and 192,307 options to participating directors or their nominees is subject to shareholder approval at a general meeting expected to be held on Nov. 26, the filing said.

The funds will be used to support the next phase of drilling at the Orient silver-zinc-indium project in Queensland, including the planned 145-hole Orient Resource Extension Drilling Program, as well as for general working capital, the filing added.

The company's shares fell past 2% in recent Friday trade.