09:10 AM EDT, 03/18/2024 (MT Newswires) -- Kingfisher Metals Corp. ( KGFMF ) earlier Monday said that it plans to raise gross proceeds of nearly $2 million via a non-brokered private placement of flow-through units at $0.045 per FT unit and units at $0.035 apiece.

Each FT unit will consist of one flow-through common share and one-half of one transferable non-flow-through common share purchase warrant. Each unit will consist of one common share and one-half of one transferable common share purchase warrant.

Each whole warrant will be exercisable to acquire one additional common share for 24 months from the closing date of the offering at an exercise price of $0.06.

The company will use an amount equal to the gross proceeds from the sale of the FT units to incur expenses related to the company's projects in British Columbia, by Dec. 31, 2025.

The company will renounce all the qualifying expenditures in favor of the applicable subscribers of the FT units, effective Dec. 31.

The company's shares surged 14.3% in Canada yesterday.