Sunrise Energy Metals (ASX:SRL) is seeking up to AU$7.5 million via a placement and a share purchase plan (SPP), according to a Tuesday filing with the Australian bourse.

Investors committed AU$6 million through the placing of 20 million fully paid ordinary shares at an issue price of AU$0.30 each. This represents a nearly 58% discount to the last closing price of the company's shares.

The offer includes an unlisted option for every share subscribed for, exercisable at AU$0.40 each and expiring on May 31, 2027.

The company is also raising a further AU$1.5 million via the SPP on the same terms as the placement.

Funds will support drilling activities at the Syerston Scandium deposit in New South Wales, as well as its project feasibility study.

Sunrise Energy's shares plunged 39% in recent trade.