Talga Group (ASX:TLG) has successfully raised AU$7.3 million through its share purchase plan (SPP), surpassing the AU$5 million target, with the board accepting all oversubscriptions, according to a Wednesday filing with the Australian bourse.

The SPP gave eligible shareholders the opportunity to purchase up to AU$30,000 worth of new shares at a price of AU$0.41 per share, per the filing.

Participants will receive one free unlisted attaching option for every two shares, exercisable at AU$0.58 over two years, each yielding one share and one piggyback option, the filing said.

The funds will be used to drive the company's growth, support additional grant applications, expand the supply of Talnode-C and Talnode-R anodes to battery customers, advance US opportunities, and strengthen general working capital, the filing added.

The company's shares rose 1% in recent Wednesday trade.