(MENAFN- ProactiveInvestors)
() is raising $1 million through a fully underwritten rights issue to fund interpretation of new 3D seismic data and identify opportunities to acquire additional interests in oil and gas projects.
The funds will be raised through a one for three non-renounceable pro-rata rights issue priced at $0.005 per share.
About 201 million shares will be issued with directors committing to participate for their entitlements.
The offer is fully underwritten by Merchant Corporate Finance Pty Ltd while major shareholder () will also participate for its entitlement in the Rights Issue and sub-underwrite any shortfall up to a maximum of 20 million new shares.
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