The company raised $5.45 million through the issue of shares priced at $0.20.
Funds raised will go towards a 200-hole drill program scheduled to commence in February 2018 at the Maniry Graphite Project in Madagascar.
Drilling includes 2,500 metres of diamond drilling and 8,300 metres of reverse circulation drilling.
The drilling program aims to define a maiden JORC resource, currently targeted for mid-2018.
Significantly, preliminary mineralogy confirms the potential for very large flake graphite deposits.
Graphite within 50 metres of surface
Previous diamond drilling at Maniry returned graphite mineralisation within 50 metres of surface.
Intersections included 10 metres at 10.2% total graphitic carbon (TGC), 12 metres at 11.6% TGC and 14 metres at 11.3% TGC.