Firetail Resources (ASX:FTL) is set to raise AU$3 million via the placing of 50 million shares at AU$0.06 apiece, according to a Wednesday filing with the Australian bourse.

The issue price is a 3.6% discount to the five-day volume-weighted average price of the company's shares. Three company directors each subscribed AU$60,000 worth of shares to the placement, the filing said.

Euroz Hartleys and 708 Capital jointly led the capital raise.

Proceeds will fund an exploration program at the Skyline project in Canada and geophysical and geochemical studies at the Picha project in Peru, as well as other potential opportunities.

The company's shares rose 5% in recent trade.