Petratherm (ASX:PTR) received firm commitments to raise AU$8.1 million through the placement of 35.8 million shares at AU$0.22 apiece, and 1 million shares to directors, conditional on the approval of shareholders, according to a Friday filing with the Australian bourse.

Directors and management pledged to contribute AU$272,000, with AU$220,000 director participation subject to shareholder approval, the filing said.

Proceeds will fund exploration drilling at the Muckanippie project in South Australia, metallurgical test work, general working capital, and offer costs, per the filing.

Taylor Collison was the sole lead manager for the placement.

Shares were up 13% in recent trade Friday.