Mamba Exploration (ASX:M24) obtained firm commitments from investors for a dual-tranche placement to raise AU$6 million via the issuance of about 157.9 million ordinary shares at a price of AU$0.038 each, according to a Friday filing with the Australian bourse.

The first tranche of about 109.8 million shares will raise AU$4.2 million using the company's available placement capacity, while the second tranche of 48.1 million shares will generate about AU$1.8 million, including participation from Mamba directors and subject to shareholder approval.

New Murchison Gold (ASX:NMG) has committed to invest AU$500,000 in the placement, and has also agreed to negotiate a technical services arrangement that could give Mamba access to its Meekatharra, Western Australia-based team, regional data, and infrastructure.

Additionally, Mamba Exploration struck a binding earn-in agreement with Haeremai Gold and David Albert Lloyd Johnston, the holders of the exploration license for the Poison Hills project in Western Australia.

The deal, which is subject to certain approvals, involves an initial cash payment of AU$50,000 and gives Mamba the potential to earn a total 80% interest through a minimum exploration expenditure of AU$500,000 over two stages.

Shares of Mamba Exploration surged 56% in recent Friday trade.