UPDATE 2.10pm: Alkane Resources has raised $10.4 million in a placement to further develop its Dubbo zirconia project in News South Wales.

The company placed 40 million shares with institutional investors including Fidelity Worldwide Investment at a discounted price of 26 cents.

"These funds should enable the company to advance the Dubbo zirconia project towards achieving the current development schedule and production in 2016," the company said in a statement.

Alkane shares were steady at 27.5 cents shortly before the close of trade.

The West Australian

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