The cash will go towards expediting exploration programs Hammer is undertaking at its Perentie copper-gold project in Queensland.
Existing shareholders subscribed to 67% of the option issue and the underwriter, DJ Carmichael Pty Ltd (DJC), fully subscribed for the remaining options.
Hammer accepted a total of 161,355,205 options, raising $806,776.
Due to the strong interest, Hammer accepted an additional share placement to DJC worth $200,000 at 3 cents per share, totalling 6,666,667 shares.
The placement included 4 million free attaching options at 3 options for every 5 shares and can be completed without shareholder approval.
Subject to the reconciliation and receipt of cleared funds, holding statements are anticipated to be issued on 14 September, 2018.