Caspin Resources (ASX:CPN) received firm commitments to raise AU$4.6 million via the issue of 61.3 million shares at AU$0.075 apiece, according to a Monday filing with the Australian bourse.

Directors participated for AU$100,000 worth of shares, subject to shareholder approval.

The offer price represents a 1.4% premium to the company's twenty-day volume-weighted average price, the filing said.

Proceeds will be used for drilling at the company's projects, and the new shares are expected to settle by mid-November, the company said.

Shares of the company rose 8% in recent Monday trade.