Shares of Anax Metals (ASX:ANX) slump as much as 9.8% to A$0.055, hitting their lowest since early January.

Diversified miner says it has received firm commitments to raise A$1.1 mln ($727,210.00) via share placement.

Proceeds will be used for development at the Whim Creek Copper-Zinc JV Project in Western Australia.

Issue price of A$0.055 per share represents a 9.8% discount to last traded price on July 27.

Shares poised for worst day since March 10, if losses hold.

Stock had risen ~15.1% this year, as of last close.

Anax Metals is a diversified miner focused on the development of the Whim Creek Copper-Zinc JV Project.