Vulcan Energy Resources (ASX:VUL) raised 100 million euros via the placement of about 28 million shares at 3.57 euros apiece, according to a Thursday filing with the Australian bourse.

Proceeds will be used to start the execution of the first phase of its Lionheart project in Germany, the filing said.

The company will also offer eligible shareholders on the register as of Tuesday the opportunity to participate in a share purchase plan to raise up to 12.2 million euros, according to the filing.

Shares fell nearly 12% in afternoon trade Friday.

Price (AUD): $5.86, Change: $-0.78, Percent Change: -11.75%