Shares of Magnetic Resources are up 2.5% at A$0.82, potentially setting the scene for the best trading day since August 23, provided the gains hold.

The mineral exploration company announced that it has received binding commitments for a placement to raise A$4.8 million ($3.10 million).

The company has stated that the funds from this placement will be used to advance project development and increase the resource at its Laverton gold projects.

Despite this positive news, the stock is down approximately 7% year to date as of the last close.

Magnetic Resources is a mineral exploration company focused on the advancement and development of its Laverton Gold Projects.