Evion Group (ASX:EVG) raised AU$1.33 million via rights issue at AU$0.023 per new share under its non-renounceable entitlement offer, according to a Wednesday Australian bourse filing.

The offer gave eligible shareholders the option to subscribe for one new share for every three existing shares they held in the firm.

It received total subscriptions for almost 58 million new shares from eligible shareholders.

The firm reserves the right to place the shortfall shares at any time within three months of the close of the issue, the filing said.

The new shares will begin trading on Feb. 10.

It will use the funds to expand the plant capacity and production run rate at the Panthera expandable graphite joint venture in India and to finalize permitting and licensing requirements for the Maniry graphite project in Madagascar, among other things.