Shares of EV Resources (ASX:EVR), the Australian metal miner, have risen as much as 7.14% to A$0.015.

The company announced plans to raise up to $3.4 million through the issuance of senior secured convertible notes to Obsidian Global GP.

The notes will have a 24-month maturity period with a face value of $1.08, equivalent to a 4% per annum interest according to EV Resources.

The raised funds will be used by the company to expedite exploration activities across its copper assets in the Americas.

The stock’s performance can be characterised as flat so far this year, until the last close.

EV Resources is a metals mining company focused on the exploration of copper assets in the Americas.