Many Peaks Minerals (ASX:MPK) received firm commitments to raise AU$6.2 million through a placement of about 17.8 million shares at AU$0.35 apiece, according to a Thursday filing with the Australian bourse.

In tranche one, 14.7 million shares will be issued, raising AU$5.2 million, the filing said. The remaining 3 million shares will be issued to company directors in tranche two, raising AU$1.1 million, subject to shareholder approval.

The funds will be used to expedite exploration activities in the Ivory Coast and for working capital and corporate and administrative expenses, per the filing.

Shares rose past 8% in midday trade Thursday, and earlier reached their highest since April 2022.