Fitzroy Resources is set for big changes after winning backing from prominent Perth investors Anthony Grist and Rod Jones.
Fitzroy, which has previously focused on coking coal projects in the US, is chaired by Forrest Capital principal Tom Henderson.
Forrest Capital was the key adviser and lead manager behind last month’s successful backdoor listing of tech firm Spookfish, which was also backed by Mr Grist and Mr Jones.
Fitzroy announced today that Forrest Capital and Mr Grist’s company, Albion Capital Partners, have been appointed to undertake a $1.3 million share placement at 0.4 cents per share.
The placement of 330 million shares will be to sophisticated investors, including Mr Jones’ family office Hoperidge Capital.
Mr Jones is best known as the founder of international education company Navitas while Mr Grist's roles include being chairman of ICT company Amcom.
Fitzroy will also seek shareholder approval to issue 80 million options at 0.8 cents per share to parties nominated by Albion.
In addition, it plans a 1-for-3 share consolidation.
Fitzroy also announced board changes, with Tim Grice and Peter Webse set to become directors.
Mr Grice has 29 years capital markets experience, including with Bell Potter, UBS and Merrill Lynch.
Mr Webse runs Platinum Corporate Secretariat, and is also a non-executive director of Perth company Sun Biomedical.
Mr Henderson, along with Will Dix and Russell Lynton-Brown, will retire from the board.
Mr Dix, a geologist and founding managing director of Fitzroy, accepted a new role last month as chief executive of Newera Resources.
The placement will cover a big shortfall in a rights issue Fitzroy launched last year. The company raised just $162,461, leaving a $318,110 shortfall.
