Kincora Copper (ASX:KCC) received firm commitments for a AU$4 million placement, under which it proposed the issuance of around 3.8 million CHESS depository interests priced at AU$1.05 per CHESS depository interest, according to a Friday Australian bourse filing.

Investors will also receive an attaching option for every two new CHESS depository interests allocated under the placement, with the options having an exercise price of AU$1.35 and expiring three years from the date of issue.

It will use the proceeds from the placement to support an expanded near-term drilling program at the Condobolin project in New South Wales.

Its shares rose 1% in recent trading on Friday.