Altair Minerals (ASX:ALR) has secured firm commitments to raise AU$13 million through a placement of 812.5 million fully paid ordinary shares at AU$0.016 per share, representing a 15.6% discount to the 15-day volume-weighted average price, according to a Monday Australian bourse filing.

The placement shares are expected to be issued in a single tranche on or around Friday, under the company's existing placement capacity, and will rank equally with existing shares, per the filing.

The proceeds will be used to fund geochemical and geophysical programs at the Greater Oko project, phase one diamond drilling at North Peters and South Oko, permanent camp construction, and general working capital and placement costs, the filing added.

The company's shares rose around 10% in recent Monday trade.