Asara Resources (ASX:AS1) appointed Matthew Sharples as chief executive, effective Friday, according to a same-day Australian bourse filing.

Sharples has 20 years of experience in mining development, investing, consulting, and mergers and acquisitions, the filing said. He was also the founder of a private mining fund he sold in 2022 for $160 million.

In the same filing, the company said it signed a binding subscription agreement with Barbet to raise AU$2.3 million to fund drilling and exploration at its Kada Gold Project in Guinea and for general working capital.

The placement is comprised of the issue of 104.5 million shares at AU$0.022 apiece. As a result, Barbet will own 19.89% of the company.

Company shares rose past 6% in recent Friday trade, earlier hitting a 52-week high.