Iltani Resources (ASX:ILT) is set to raise AU$2.1 million via the placing of 10 million shares priced at AU$0.21 apiece, according to a Thursday filing with the Australian Securities Exchange.

Company directors also committed to subscribe to AU$75,000 of shares, pending shareholder approval at the annual general meeting to be held no later than Nov. 30, the filing said.

Proceeds will be used for drilling at the Antimony Reward and Orient projects within the Herberton project in Queensland and general working capital, according to the filing.

Canary Capital and Sanlam Private Wealth were the joint lead managers for the placement.

Iltani Resources shares rose more than 4% in morning trade.

Price (AUD): $0.24, Change: $+0.0100, Percent Change: +4.35%