Arrow Minerals (ASX:AMD) issued 33.2 million shares at AU$0.038 apiece, raising AU$1.3 million, under the second tranche of its placement program, according to a Tuesday Australian bourse filing.

Under the placement, the company issued 94.8 million options at an exercise price of AU$0.055, expiring Oct. 8, 2026.

The company also issued 8 million options to the company's corporate adviser at an exercise price of AU$0.055 each, expiring on April 8, 2028.

The company's shares rose 17% in recent Tuesday trade.