Pan Asia Metals (ASX:PAM) is raising AU$761,000 through a top-up share placement to fund its maiden inverse polarization program at the Rosario copper project in Chile, according to a Thursday filing with the Australian bourse.

The battery and critical metals explorer will issue up to 10,569,444 fully paid ordinary shares at AU$0.072 each, the filing said. The placement includes the issue of one new option for every two new shares applied for, exercisable at AU$0.15 and expiring two years from issuance.

Pan Asia Metals Chairman and managing director Paul Lock and technical director and chief geologist David Hobby subscribed for AU$125,000 each via accrued and future salary allocations, subject to shareholder approval, the filing said.