Subiaco-based mineral explorer Gondwana Resources Ltd has announced plans to raise around $926,000 through an entitlements offer to fund new exploration and evaluation programs.
The company will issue 92.6 million shares valued at 1 cent each, to be distributed to shareholders on a one-for-one basis, along with one free option for every two shares purchased.
Gondwana made a placement of 35 million shares to raise $700,000 for its exploration programs in July this year, at the company's East Pilbara and Parker Range projects.
As reported in WA Business News on May 10, agreement has been reached to merge the company's Parker Range tenements with the adjacent tenements of Polaris Metals NL and to float the expanded package in a new company, Regatta Resources Ltd, subject to a number of conditions.
Delta Securities has been appointed manager to the offer, which is not underwritten.
The offer is due to open on December 7, and close on December 21.
