Tesoro Gold (ASX:TSO) secured binding commitments to raise roughly AU$11.1 million through the placement of 461.2 million shares at AU$0.024 apiece, according to an April 17 filing with the Australian bourse.

In tranche one, 388.4 million shares will be issued, raising AU$9.3 million, the filing said.

The remaining 72.9 million shares will be issued to Corporate International, a subsidiary of Gold Fields, in tranche two, raising AU$1.8 million, subject to shareholder approval.

Proceeds will fund discovery drilling, Ternera mineral resource estimate, updated scoping study, and the El Zorro project permitting process, per the filing.

Shares rose past 3% in morning trade Tuesday.