EcoGraf (ASX:EGR) set the issue price for its share purchase plan at AU$0.222 per share, raising AU$3.6 million and surpassing its AU$2 million target, according to an Australian bourse filing on Oct. 2 after market hours.

The new shares will be issued at a 20% discount to the volume-weighted average market price of the company's shares, per the filing.

The new shares will be issued on Monday, rank equally with existing shares, with holding statements expected to be dispatched around Wednesday, the filing added.