Junior explorer Blackrock Gold Corp (CVE:BRC) is set to raise $300,000 via a private placing for working capital.
The company is issuing up to 6 million units at $0.05 each. Each unit consists of one share and one half of a share purchase warrant. Each warrant entitles the holder to acquire one further share for $0.10 each for a period of two years from the date of issue.
Last month, the company said it would carry out further surface and technical work this year at its Silver Cloud project in Elko County, Nevada, ahead of any potential drilling programme.
In August this year, it said it would delay drilling at the site until a detailed assessment was complete.
A review of the property's geophysical data has now been conducted by consulting geophysicist Jim Wright.
"After a review of Jim Wright's Report -Silver Cloud Geophysical Analysis-2018 GIS Data Base and the geochemical data collected in May 2018, the company believes more surface technical work is warranted prior to a drill program to optimize success," the company said.