Adelong Gold (ASX:ADG) shares remarkably surged to a new high since July 4, following the company’s announcement of a binding agreement acquisition.

The deal consists of three applications for lithium exploration projects located in Lithium Valley, Minas Gerais, Brazil.

Notably, Lithium Valley accounts for officially recognized lithium reserves in Brazil.

Furthermore, the company has received firm commitments, which were oversubscribed for a placement to raise A$1 million ($641,300) at A$0.008 per share.

In terms of trading volume, about 26.8 million shares have changed hands, compared to the monthly average of 788,809 shares.

As of the last closing, the company’s stock has escalated by 28.6% year-to-date, against a 0.37% increase in the benchmark S&P/ASX 200 index.

Adelong Gold is a prominent Australian mineral explorer.