Mining explorer Pluton Resources (ASX:PLV) plans to raise $4 million in a share purchase plan.
The company will offer shareholders the chance to buy up to $15,000 worth of new shares at $0.78 per share.
The proceeds will be used to provide operational funding for the completion of the steps required to complete a pre-feasibility study.
Pluton concentrates on copper, silver and gold in Tasmania and iron ore in Western Australia.
The non-renounceable offer is being made at an 11% discount to Pluton's closing price on April 20, the day before the plan was announced.
Pluton said it will reserve the right to scale back applications under the SPP as it sees put.
PLV shares grew 6.98% in Thursday's trading to $0.920.