Emmerson Resources (ASX:ERM) will raise AU$5 million via the placement of 90.9 million shares at AU$0.055 apiece, according to a Friday filing with the Australian bourse.

Proceeds will be used for exploration on projects in Tennant Creek in the Northern Territory, and Lachlan Fold Belt in New South Wales, as well as metallurgical and geotechnical studies on the Hermitage copper project, also located in Tennant Creek, the filing said.

Shares rose 7% in afternoon trade Friday.

Price (AUD): $0.06, Change: $+0.004, Percent Change: +7.01%