Askari Metals (ASX:AS2) signed a subscription agreement with Celtic Finance to raise an additional AU$350,000 at an average price of $0.014 per share, according to a Friday filing with the Australian bourse.

The placement will be completed through the issue of 15.9 million shares at AU$0.011 apiece and 10.9 million shares at AU$0.016 apiece, following shareholder approval for placement capacity, the filing said.

Celtic Finance will receive a one-for-one free attaching option exercisable at AU$0.022, expiring on Dec. 31, 2028, pending shareholder approval, and a further 10 million subscriber options on the same terms as the attaching options.

Proceeds will be used for the company's Tanzanian uranium strategy, Uis lithium development in Namibia, and general working capital, according to the filing.

Askari Metals shares rose 9% in afternoon trade Friday.