Japan Gold Corp. said Dec. 12 that it plans to raise around C$6.7 million in a private placement that will see Goldcorp Inc. take a 19.9% stake in the company.

The capital raising to strategic investors will involve 44,333,334 shares at 15 cents apiece. RCF Opportunities Fund LP will also purchase an 8.8% stake.

Net proceeds will go towards exploration and development at gold-focused assets in Japan, regional reconnaissance for identifying in-country targets and general corporate and working capital.

The offering is expected to close around Dec. 20.