Perth-based oil and gas company Cityview Corporation Ltd is looking to raise over $3.2 million to fund its existing oil and gas operations and source new opportunities including uranium.
In its prospectus, lodged with ASIC yesterday, the company said the funds would also be used to retire debt and improve the company's working capital position.
The company said completion of the offer will result in an increase in cash on hand of over $2.9 million.
The company's oil and gas interests include the Madura Block onshore Madura Island near Surabaya, East Java and the Simenggaris Block, onshore North-East Borneo.
The company will issue over 80 million new shares together with one free attaching listed option for each share issued pursuant to this prospectus.
This offer is underwritten by Patersons Securities Ltd.
The issue will close at 500pm WST on 8 May.
At 1000 WST, shares in the company were up 2.5 cents to 15 cents.
