Investors piled into explorer Kanadario Gold on Friday, as the Vancouver-headquartered company announced an agreement with G Mining Services and members of the Gignac family that will result in the current management and board being replaced and the company being renamed G Mining Ventures.

Following the change of management, the company will continue as a mining issuer in the exploration and development space, led by Louis Gignac as chairperson and Louis-Pierre Gignac as CEO.

G Mining Ventures would aim to acquire at least one advanced-stage gold asset within the first year, in a tier-one jurisdiction focused in the Americas.

"Based on the track record of our team, the ideal acquisition target is an advanced development project or an operating asset which can be substantially improved.

“We have been active for several months in evaluating a number of potential asset acquisitions and conducting preliminary due diligence, though there is no assurance that current evaluations will result in an acquisition,” commented presumptive incoming CEO Louis-Pierre Gignac.

G Mining Ventures would also assemble an “industry-leading technical team” with an arm’s length master service agreement with G Mining Services, which was involved in the construction and development of the Fruta del Norte gold mine, in Ecuador, and the Merian gold mine, in Suriname.

Mining financier Sprott Resource Lending holds 9.9% of G Mining Ventures and has indicated its willingness to assist in funding future project acquisitions and project development opportunities.

The company on Friday announced an agreement with Sprott Capital Partners, as lead underwriter, to raise $31-million in a brokered offering of 62-million units at $0.50 each. As part of the offering, the Lundin family has committed to subscribe for at least $5-million of units.

Concurrent with the closing of the brokered offering, Life of Mine Investments – the investment arm of G Mining Services – will subscribe for 10.8-million units at the issue price for $5.4-million.

The combined gross proceeds from the offering and the exclusive take-up of the underwriters’ option totals $36.4-million.

Shares in the junior rose 80% to a 52-week high of C$0.90 a share.