Everest Metals (ASX:EMC) received firm commitments to raise AU$4 million via the issue of about 38.1 million shares at an issue price of AU$0.105 per share to new and sophisticated investors, according to a Tuesday filing with the Australian bourse.

Proceeds will be used to advance exploration, development, and commercialization at the company's Western Australia projects, the filing said.

The issue of new shares is subject to shareholder approval at a meeting to be held in mid-September, the filing added.

Shares of the company rose 4% in recent Tuesday trade.