The placing is subject to shareholder approval at a general meeting of the company.
As part of the placing, chairman Gordon Hart has subscribed for 8.8mln shares.
Rockfire also reminded shareholders of significant developments that have taken place over the past six months, including a refresh of the board.
Since June 2018, Rockfire has conducted multiple drilling campaigns at its Marengo and Double Event projects, completed a geophysical appraisal and target delineation on the Copperhead copper project, secured the Kookaburra exploration permit, added ground around Newmount's Mt Leyshon Gold Mine, and executed an option to acquire the Copper Dome project.
"The company underwent significant and necessary change last year,” said chief executive David Price.
“In addition to the development of our 100%-owned copper and gold assets in Queensland, there are currently a number of highly appealing deposits potentially becoming available as access to appropriate finance and operational knowledge is limiting other Australian-focused exploration companies in our region."