Cyprium Metals (ASX:CYM) launched a non-renounceable pro-rata offer to eligible shareholders on the basis of one new share for every 16 existing shares held as of Dec. 30 priced at AU$0.028 apiece, according to a Monday filing with the Australian bourse.

Up to 107 million new shares and 53.5 million new options may be issued under the offer to raise up to AU$3 million, the filing said.

The offer also includes one unquoted new option for every two new shares subscribed for and issued.

Proceeds will be used for Nifty site costs, permit support, definitive feasibility study preparation, tenement maintenance, financing for Metals X (ASX:MLX) convertible notes and Glencore facility, and working capital, according to the filing.

Cyprium Metals' shares rose nearly 5% in afternoon trade Friday, while Metals X shares added more than 1%.