DevEx Resources (ASX:DEV) reports a decline in shares by as much as 7.4% to A$0.315, marking their largest intraday loss since September 19.

The mineral explorer announced it has obtained commitments for a A$10 million placement.

In addition to this placement, the company is also launching a pro rata non-renounceable entitlement offer to raise approximately A$11.1 million.

The issue price of A$0.30 per share for both is at a 11.8% discount to the last close on October 10.

The funds raised will be directed towards exploration and development of the Nabarlek Uranium Project, among others.

The shares reached their minimum level since September 22 with the stock up by 21.4% year to date as of the last close.

DevEx Resources is a company primarily engaged in mineral exploration and development.