Australian Strategic Materials Ltd ( ASX:ASM ) (OTCMKTS:ASMMF) shares headed upwards on news the company plans to boost its balance sheet with a A$65 million placement and up to A$41 million entitlement offer. The company has received firm commitments from sophisticated, professional and institutional investors for the placement of about 13.5 million fully paid ordinary shares at $4.80 per share, raising $65 million in gross proceeds.