Nanoveu (ASX:NVU) raised AU$1.9 million through the initial tranche of its recently conducted placement, with 61.3 million shares issued at AU$0.031 apiece, according to a May 9 filing with the Australian bourse.

The placement of AU$410,000 to senior executive members will be completed later this month, and the AU$400,000 to chairman David Pevcic will be completed following shareholder approval, the filing said.

Shares rose more than 6% in morning trade on Monday.