Askari Metals (ASX:AS2) said it will raise up to AU$1.5 million via a non-renounceable entitlement offer at AU$0.01 per share, according to a Friday filing with the Australian bourse.

The new units will be offered on a ratio of one new share for every three shares held, the filing said.

Participants will also receive one free attached unlisted option at AU$0.015 expiring three years from issue, and one listed option at AU$0.022 expiring on Dec. 31, 2028, for every share subscribed, the filing added.

Proceeds will be used for exploration and drilling at the company's projects, the filing said.

Shares of the company rose 9% at market close.