Raiden Resources (ASX:RDN) is set to raise AU$10 million via the placement of about 312.5 million shares priced at AU$0.032 apiece, according to a Monday filing with the Australian Securities Exchange.

Proceeds will be primarily used to expedite and expand the drilling program at the Andover South lithium project in Western Australia, the filing said.

Kaai Capital and Evolution Capital were the joint lead managers for the placement, according to the filing.

Raiden Resources shares fell 5% in afternoon trade.