Southern Palladium (ASX:SPD) raised AU$20 million via a placement of about 18.2 million shares at AU$1.10 apiece, according to a Wednesday filing with the Australian bourse.
Proceeds will be used to reach a final investment decision for the Bengwenyama project in South Africa, the filing said.
The new shares are expected to start trading on the Australian Stock Exchange on Thursday, the filing added.
Shares of the company rose 1% in recent Wednesday trade.
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