** Shares of Estrella Resources ESR.AX rise as much as 10.7% to A$0.031, their highest levels since March 21, 2022

** The nickel explorer says it will raise A$3.8 million ($2.36 million) at an issue price of A$0.03 per share

** Issue price represents a 7.1% premium on co's last close

** About 11.1 mln shares change hands vs the 30-day average of around 4.4 mln

** Stock up 52.5% this year, including the session's move

($1 = 1.6095 Australian dollars)

(Reporting by Aaditya Govind Rao in Bengaluru)

((Aaditya.govindrao@thomsonreuters.com;))