Toronto-listed Canarc on Wednesday unveiled a planned name change to Canagold Resources to better reflect a renewed focus on its Canadian gold exploration projects, as well as a share consolidation, a private placement and a strategic review of its Nevada projects.

Canarc said it had reserved its new name and expected the change to take effect within the next two weeks.

To attract better institutional investors, the explorer would undertake a five-for-one share consolidation. Canarc currently has 243 956 517 common shares issued and outstanding and, after the proposed consolidation, it would have about 48 791 303 common shares issued and outstanding pre-financing.

Canarc also announced a nonbrokered private placement financing of up to 40-million units at $0.08 a unit for gross proceeds of up to $3.2-million.

Canarc's main asset is its 100%-owned New Polaris gold mine project located in north-western British Columbia. New Polaris is an historic high grade, underground gold mine that produced 232 000 oz of gold between 1938 and 1942 and 1946 and 1951.

Canarc has invested more than C$33-million since 1990 to delineate indicated resources of 1.7-million tonnes containing 586 000 oz gold at 10.8 g/t and inferred resources of 1.5-million tonnes containing 485 000 oz of gold at 10.2 g/t.

The proposed financing would enable the company to start work on a feasibility study that would include infill drilling, economic evaluation, project permitting and land access.

Canarc recently completed a Phase 2, 1 500 m core drilling programme at its Windfall Hills gold property and assays are pending over the next few weeks.

Windfall Hills lies in the same geological belt as, and about 90 km north-west of the Blackwater-Davidson gold project, which Artemis Gold recently purchased for $210-million plus a gold stream.

Canarc said it would start a Phase 1, 1 500 m reverse circulation drilling programme at its Hard Cash gold property in western Nunavut this week.

Further, Canarc announced a review of strategic options for its Nevada gold projects, including dispositions or joint ventures, in order to create more shareholder value and maintain its focus on Canadian gold projects. The company acquired the Nevada portfolio in 2017 and has since optioned out the Fondaway Canyon and Dixie Comstock projects to Getchell Gold and the Lightening Tree project to Minkap Resources.

Meanwhile, venture capitalist Andrew Bowering has been appointed to the board.