Shares of Australia’s New World Resources (ASX:NWC) rise as much as 15% to A$0.035, posting their biggest intraday percentage gain since June 30.

The stock hits its highest level since July 6.

The copper explorer says RCF Opportunities Fund II L.P.

entered into a binding agreement to make A$5 million ($3.33 million) equity investment in the company.

RCF Opportunities II L.P.

is a fund managed by U.S.

private equity firm RCF Management L.L.C.

New World Resources continues to advance discussions with multiple other potential strategic investors regarding additional funding.

The stock is down 11.8% this year, as of the last close.