Laramide Resources (ASX:LAM) is set to raise $5 million with a strategic investor through a non-brokered private placement of nearly 8.4 million common shares at $0.60 apiece, according to a Wednesday filing with the Australian bourse.

Securities issued under the offering will be subject to a four-month hold period plus a day from the date of issuance and the resale rules of applicable securities legislation, the filing said.

Proceeds will be used for working capital and general corporate purposes, per the filing.

Shares rose 7% in morning trade Wednesday.