Armistice Resources Corp., whose McGarry Mine sits 40 kilometres east of Kirkland Lake, is targeting gross proceeds of $2.2 million with a new share offering.
Net proceeds of the private placement will be used to fund exploration and development at the McGarry site, as well as general working capital purposes.
The Toronto-based firm Sandfire Securities is acting as the agent on the offer, which is slated to close on August 15, subject to regulatory approvals.
The 484-hectare McGarry project sits immediately next to the former producing Kerr Addison mine, which produced more than 11-million ounces of gold.
In April 2009, Armistice announced its intention to bring McGarry into production.
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