Squire Mining Ltd. said July 5 that it plans to change its business from mineral explorer to developer of infrastructure and system technologies in the blockchain sector.

To fund this move, the company signed a term sheet to raise about C$25.5 million via a private placement of 63,750,000 units at 40 cents apiece. Each unit will comprise 1 share and half of a share purchase warrant, with each whole warrant entitling the holder to buy a further share for 80 cents for a two-year period after closing.

There will be no changes to Squire's current board and management following the business change, according to the statement.

The change of business and financing are expected to close by Aug. 1.