Benz Mining (ASX:BNZ) said it would raise AU$30 million via a bought deal, allowing it to accelerate exploration at the Glenburgh gold project in Western Australia, including increasing drilling capacity to four rigs to test the emerging bulk-tonnage gold system at the Icon deposit and other targets, according to a Wednesday Australian bourse filing.

The company received commitments for a placement of 30.5 million new fully-paid CHESS depositary interests via a bought deal at an issue price of AU$0.985 apiece.

The company will also use the funds to conduct exploration targeting high-grade near-surface mineralization at the Mt. Egerton gold project in Western Australia, a scoping study at the Eastmain gold mine in Canada, as well as for working capital and corporate costs.

The firm's shares climbed past 15% in recent trading on Wednesday, earlier hitting their highest since February 2021.