Sunshine Metals' (ASX:SHN) share purchase plan received total applications amounting to nearly AU$7.7 million, exceeding its AU$3 million target, according to a Thursday filing with the Australian bourse.

The board elected not to scale back participation and will issue almost 285 million new shares to all eligible applicants, expected to be completed on Thursday, the filing said.

Proceeds from the share purchase plan and recent AU$19 million placement will fund the upfront consideration for the Mt Moss acquisition, along with the Liontown mine start-up in Queensland, exploration and resource development, and working capital, per the filing.