Australian miner Astron Corp (ASX:ATR) experienced a rise in shares as high as 3.2% to A$0.485, reaching their highest level since September 15.

The company has announced that it received firm commitments for A$2.68 million placement.

The issue price of A$0.56 per share marked a 19.1% premium to the stock’s last closing.

Astron Corp (ASX:ATR) states the funds from the placement will be utilized for the progression of the Donald Project situated in Melbourne, Australia.

The funds will also cover working capital costs and offer costs.

As of the last close, Astron Corp (ASX:ATR) stock is down 26.6% Year To Date.

Astron Corp is an Australian mining company primarily involved in mineral exploration and production.