** Shares of Reward Minerals rise 5.2% to A$0.061, their highest level since Oct. 8

** Mineral explorer says it will raise A$2.3 mln($1.53 mln) via the placement of 38.4 mln shares

** Issue price of A$0.06 is at a 3.4% premium to company's last closing price

** Co will use funds from placement for completion of a scoping study at SOP Potash project in Western Australia

** Around 375,000 shares change hands, ~4x the 30-day avg

** Stock up 12.6% YTD

($1 = 1.5067 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com;))