Eden Innovations (ASX:EDE) received firm commitments to raise roughly AU$4.1 million through the placement of 22.5 million shares at AU$0.18 apiece, according to a Friday filing with the Australian bourse.

Participants will also receive free attaching options on the basis of one option for every two shares issued under the placement, each exercisable at AU$0.20 and expiring Oct. 15, 2028, subject to shareholder approval, the filing said.

Proceeds will be used to advance expansion and new business development, ongoing product commercialization and working capital and offer costs, per the filing.

Shares rose 25% in morning trade Friday.