Powerhouse Ventures (ASX:PVL) received firm commitments to raise AU$2 million through the placement of 22.2 million shares at AU$0.09 apiece, according to a Wednesday filing with the Australian bourse.

Company directors committed to roughly AU$150,000 in the placement, pending shareholder approval, the filing said.

Proceeds will be used for working capital, investments, and ongoing support of underlying fund products, according to the filing.

Shares rose 1% in afternoon trade Wednesday.