Midas Minerals (ASX:MM1) secured firm commitments to raise about AU$6.5 million through the placement of up to 43.3 million shares at AU$0.15 each, according to a Tuesday filing with the Australian bourse.

In tranche one, 31 shares will be issued to raise about AU$4.7 million, while 12.3 million shares will be issued in tranche two to raise up to a further AU$1.9 million, subject to shareholder approvals, the filing said.

Proceeds will be used for the acquisition of the Otavi project in Namibia, exploration programs at the Otavi and South Otavi projects, and its Newington and Challa projects in Western Australia, as well as working capital and placement costs, per the filing.

Shares rose 46% in morning trade on Tuesday and earlier reached their highest since August 2023.