Estrella Resources (ASX:ESR) received firm commitments to raise AU$3.8 million through the placement of 125 million shares at AU$0.03 apiece, according to a Friday filing with the Australian bourse.

Proceeds will be used to continue exploration and initiate a drilling program at its Timor-Leste operations, and fund working capital, the filing said.

Shares rose nearly 11% in afternoon trade Friday and earlier reached their highest since September 2021.