Prospect Resources (ASX:PSC) signed an investment agreement with Toronto Stock Exchange-listed First Quantum Minerals to raise roughly AU$15.2 million in new equity proceeds to advance the Mumbezhi project in Zambia, according to a Tuesday filing with the Australian bourse.

First Quantum will become a 15% shareholder in the company through the placement of 101.1 million shares at AU$0.15 apiece, the filing said.

The company also signed a subscription agreement with Eagle Eye Asset to raise a further AU$2.8 million in new equity, subject to shareholder approval, per the filing.

Prospect Resources shares jumped 27% in afternoon trade Tuesday.