Andromeda Metals (ASX:ADN) received firm commitments to raise about AU$5 million through the placement of 384.6 million shares at AU$0.013 apiece, according to a Monday filing with the Australian bourse.
Participants will receive three free attaching options for every four shares allocated, subject to shareholder approval, exercisable at AU$0.0195 per share and expiring two years from issue, the filing said.
The funds raised will be used for the Great White project in South Australia, the high-purity alumina project, and general working capital and placement costs, per the filing.
Shares rose nearly 6% in afternoon trade Monday.
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