Lotus Resources (ASX:LOT) upsized its placement to AU$130 million from AU$110 million amid excess demand, according to a Thursday filing with the Australian bourse.

Proceeds of the placement will be used to fund the accelerated restart of the Kayelekera uranium project in Malawi.

Lotus Resources will also undertake a share purchase plan to further raise up to AU$15 million. This will open on Oct. 31 and close on Nov. 14.

Both the placement and share purchase plan are priced at AU$0.25 per share.

Company shares slumped 16% in recent trade.

Price (AUD): $0.27, Change: $-0.050, Percent Change: -15.87%