Altair Minerals (ASX:ALR) received a firm commitment from Endeavour Mining's Endeavour Gold subsidiary to raise AU$28.2 million through a placement of 656.3 million shares at AU$0.043 apiece, according to a Monday filing with the Australian bourse.

In tranche one, 398 million shares will be issued, while the remaining 258.3 million shares will be issued in tranche two, subject to shareholder approval, the filing said.

Proceeds will be used to advance the company's drilling and geochemical programs.

Endeavour is expected to become a 9.9% shareholder of the company upon completion of the placement, per the filing.

Shares rose 20% in recent Monday trade and earlier reached their highest since June 2012.