Titan Minerals (ASX:TTM), took a hefty hit as share prices fell 15% to A$0.051.

This marked their largest intraday percentage drop since June 13.

The exploration company announced they had secured firm placement commitments, aiming to raise A$5.5 million at A$0.05 per share.

The issue price signified a 16.7% discount from the stock’s previous closing price of A$0.060 on August 2.

This discounted placement led the stock to its lowest point since July 4.

As of the last close, the stock had dipped 10.5% this year.

Titan Minerals (ASX:TTM) is an exploration company that specialises in discovering mineral resources.