Kestrel Gold Inc (CVE:KGC) is set to bring in up to C$400,000 via a private placing for, among other things, exploration worth C$35,000 and up to C$333,000 for working capital.
The company will issue up to 8mln units at five cents each to raise gross proceeds of up to C$400,000.
Each unit consists of one share and one share purchase warrant, entitling the holder to acquire one further share at an exercise price of five cents each for 24 months from issue.
"There is no minimum offering and the maximum offering is eight million units. Proceeds from the offering will be used for finders' fees of up to C$32,000, for exploration activities in the amount of $35,000 and up to $333,000 for general working capital," the firm said in the statement.
Kestrel Gold has the King Solomon's dome project in Yukon and options to earn 100% in four gold projects totalling around 5,700 hectares in the Yukon portion of the Tintina Gold Belt, as well as four copper-gold projects in British Columbia, Canada.
Kestrel's proposed 2018 work programmes is aimed at enhancing the value of these projects.
Separately today, Kestrel said Brendan Reeve had been appointed as chief financial officer after Robert Solinger resigned from that role.
Solinger will remain as a director, however.
Reeve is an accountant who provides consulting services to companies, as well as operating his own private firm.
Kestrel also said that Stuart W. Peterson has resigned as a director.
Kestrel shares added 11.11% on the day to C$0.050.