Evion Group (ASX:EVG) raised AU$2 million after receiving commitments to raise AU$666,000 from its placement of shortfall shares, as well as a AU$1.3 million entitlement offer, according to a Friday Australian bourse filing.

Settlement for the shortfall placement is anticipated for Feb. 17, the filing said.

It earlier raised AU$1.3 million from its entitlement offer at AU$0.023 per share under a nonrenounceable entitlement offer.

Euroz Hartleys was the lead manager of the rights issue and shortfall placement.

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

It will also undertake a separate bonus pro-rata non-renounceable entitlement issue of options for eligible shareholders. It will offer one bonus option for every two shares held at a subscription price of AU$0.003.

Evion Group's shares rose 4% on market close.