Shares of Todd River Resources (ASX:TRT) experienced a surge as high as 16.7%, reaching A$0.014 - their highest level since June 19.

If these gains hold, this could be the best day for the stock since August 28.

Todd River Resources has entered into agreements to acquire three lithium exploration projects located in the Northwest Territories of Canada.

The company stated it has received commitments to raise A$5 million at an issue price of A$0.01 per share.

This capital raising comes at a discount of 16.7% from the last closing price.

As of last close, the stock is down by 33.3% this year.

Todd River Resources is a specialty mining company who specializes in lithium exploration.