Sunrise Energy Metals (ASX:SRL) has secured commitments to raise around AU$45.6 million through a placement of 10.7 million new shares at AU$4.25 each, marking a 13.1% discount to the company's 30-day volume-weighted average price, according to a Monday Australian bourse filing.

Each new share comes with a free unlisted option, which can be exercised at the placement price and expires on Nov. 11, 2027, per the filing.

The placement will occur in two stages, with tranche one involving 8.9 million shares and options under the existing placement capacity and tranche two comprising 1.8 million shares and options subject to shareholder approval, the filing said.

The funds will be used to advance pre-construction at the Syerston scandium project, including engineering, utility connections, in-fill drilling, and early equipment contracts, to de-risk critical activities ahead of a final investment decision, the filing added.

The company's shares rose around 8% in recent Monday trade.