Torque Metals (ASX:TOR) said Craig Jones was appointed chief executive, effective immediately, while Simon Lawson was named as non-executive chairman-elect, according to a Wednesday Australian bourse filing.

Chairman Evan Cranston will transition to a non-executive director role, the filing said.

The incoming leadership agreed to cornerstone a AU$3 million capital raising at an issue price of AU$0.27 per share, subject to shareholder approval, per the filing.

The company plans to use the proceeds to accelerate drilling at the Paris gold project in Western Australia and test multiple high-priority regional targets.

Torque Metals' shares jumped 20% in early trading on Wednesday and earlier reached an all-time peak.