Australian Strategic Materials (ASX:ASM) has announced its Share Purchase Plan received applications totalling $11.1M.

The company says it targeted $10M from the Plan but given the strong support, it accepted all shareholder applications.

Australian Strategic Materials also issued 2,341,041 fully paid ordinary shares to the participating directors.

It also says it?s now in a strong cash position to support production at the Korean Metals Plant and deliver the offtake and strategic partner work for its Dubbo project.