Shares in Alliance Nickel (ASX:AXN) rose by 7.9% to A$0.068 today, and could see their best day since September 7th if the gains hold.

This places the shares of this Australian mineral explorer at their highest level since September 21.

Alliance Nickel (ASX:AXN) announced that it has received the tranche 2 funds of A$2.3 million from a strategic placement to Stellantis N.V.

This placement now means that Stellantis N.V holds an 11.5% shareholding in Alliance Nickel (ASX:AXN) and has also acquired the right to nominate one director to the company’s board.

Approximately 704,370 shares exchanged hands, a significant increase compared to the 30-day average volume of 234,680.

Including today’s gains, the stock is down 30.7% overall for this year.

Alliance Nickel is an Australian-based mineral exploration company.