Gorilla Gold Mines (ASX:GG8) received firm commitments to raise up to AU$25 million through the placing of roughly 65.8 million shares priced at AU$0.38 apiece, according to a Monday filing with the Australian bourse.

Existing shareholder, Genesis Minerals (ASX:GMD), committed to subscribe for AU$1.8 million to maintain its pro-rata shareholding in the company, the filing said.

The proceeds will be used to expedite exploration at the Lakeview discovery and maintain momentum at its Comet Vale, Mulwarrie, and Vivien projects in Western Australia, per the filing.

Sternship Advisers, Euroz Hartleys, and Canaccord Genuity (Australia) were the joint lead managers for the placement.

Gorilla Gold Mines shares rose 5% in midday trade Monday, and earlier reached their highest since February 2020.