Culpeo Minerals (ASX:CPO) received binding commitments to raise roughly AU$3 million via a placement, according to a Friday filing with the Australian bourse.

The placement comprises the issue of 303 million new fully paid ordinary shares at AU$0.01 apiece across two tranches.

Tranche one for 54 million shares will be issued under the company's listing capacity, while tranche two for 248 million shares will be subject to shareholder approval.

Investors will receive one free attaching unlisted option for every two placement shares subscribed, exercisable at AU$0.0175 and expiring three years from the date of issue.

Unified Capital Partners and Euroz Hartleys acted as joint lead managers.

Proceeds will fund the mining company's Lana Corina, Fortuna, and Jupiter copper projects in Chile.

Culpeo Minerals' shares rose 14% in recent trade.