ChemX Materials' shares advanced by as much as 3.3%, reaching A$0.093.

This marks their highest value since June 26.

The materials technology firm announced that it secured a funding facility of up to A$6 million through convertible notes from some of its existing investors.

The company stated that the funding will be used for the progress of the Eyre Peninsula High Purity Manganese Project in South Australia, among other endeavours.

ChemX Materials also designated Peter Lee as their new chief executive officer.

Meanwhile, the stock, if it maintains its current gains, is set to rise for a third consecutive day.

However, as of the last close, the company’s shares had dropped by approximately 51.4% this year.

ChemX Materials (ASX:CMX) is a company specialized in materials technology.