Kingsland Minerals (ASX:KNG) has received binding commitments of $3.6M to advance its Leliyn Graphite Project in the Northern Territory.

The Australian mining company said the funds will be used for reverse circulation and diamond drilling, metallurgical testwork, geophysics and maiden resource estimation on the site.

It also said following the raise, Kingsland will have cash reserves of $5.5M, and strong near-term news flow is expected with assays pending for a further 16 holes and drilling ongoing. 

Shares of Kingsland Minerals were up 4% at 1:38pm AEST.