The company had launched an $80 million fundraising effort earlier this year under pressure from the declining iron ore price, a strong Australian dollar and issues with the structure of its Cockatoo Island joint venture in Western Australia.

Pluton needed to raise at least $47.5 million to continue as a going concern.

The latest update from the company included a second supplementary prospectus for its initial entitlement issue.

The document confirmed a number of amendments to investment arrangements expected to give Pluton sufficient comfort in repaying debts.

The updates included a reduction in the amount of the entitlement offer to be underwritten by GNR from $26 million to $20.9 million due to the occurrence of termination conditions including a drop in the iron ore price below $US92 per tonne.

However, GNR has agreed to the deletion of the ore price termination event and has now obtained approval to increase its relevant interest in Pluton from about 15% to up to 46.7%.

Other changes to the prospectus included an arrangement by which Watpac will allow for the restructuring of $A13 million of Pluton debt.

This provision will mean that an additional raising of $15 million above the $47.5 million minimum subscription required to repay debt will no longer be needed.

More progress in the fundraiser included applications received for 133.2 million shares for $1.3 million and other commitments totalling about $5 million.

Also, agreements with creditors and the offer's lead manager Patersons Securities are expected see the conversion of $18.8 million worth of debt and corporate advisory fees into equity through applications for shortfall shares.

Late last month, Pluton said that operational economies achieved at Cockatoo could have been sufficient to settle the minimum subscription amount if the iron ore price stayed around $US78-$80/t.

Iron ore was last trading at $84.17/t.

Cockatoo is a 50:50 JV with Wise Energy about 140km north of Derby in WA's Kimberley region.

The operation recorded a robust June quarter with a record 308,100t of iron ore shipped with C1 costs of $A69.73/t.

Resources at the site stand at 28 million tonnes, with 11.1Mt at 66.6% iron in indicated seawall hematite and 11.2Mt at the same grade in inferred seawall hematite.

Inferred highwall resources total 5.7Mt at 40.3% iron.

Shares in Pluton last traded in May and remain suspended at 3.4c.