Emperor Energy (ASX:EMP) received firm commitments to raise AU$3 million via the placement of about 130.4 million shares at AU$0.023 apiece, according to a Wednesday filing with the Australian bourse.

Proceeds will be used for the development of the Judith-2 well in exploration permit Vic/P47 in Victoria, preparation and submission of the well environmental plan, and corporate and administrative activities, the filing said.

Shares rose 4% in afternoon trade Wednesday.

Price (AUD): $0.03, Change: $+0.00100, Percent Change: +4.00%