Hillgrove Resources (ASX:HGO) raised AU$5 million via the issue of 143.8 million new shares on April 4, bringing the total capital raised, to AU$18 million, according to a Thursday Australia bourse filing.

The SPP, which targeted AU$3 million but received AU$8.2 million in subscriptions, led to a scale-back of all applications under the terms of the capital raise, the filing said.

The funds will be used to accelerate exploration and fast-track the development of the Nugent project, the filing added.

Shares of the company rose 6% on market close.