Shares of Spirit Technology Solutions (ASX:ST1) gained as much as 2.44% reaching A$0.042, forecasted to record the largest rise since September 12th, if the current trend continues.

The IT services firm stated that they managed to secure A$5 million ($3.23 million) via two tranches convertible note placement.

The stock is on its way to experience a second consecutive session of rises.

Trading saw about 125,800 shares change hands, in comparison with the 30-day average volume of 380,603 shares.

The stock has fallen 36.9% this year, as of the last close.

Spirit Technology Solutions is an IT services company.