Green Rock to raise $4m in rights issue, placement

West Perth-based energy company Green Rock Energy Ltd aims to raise $4 million through a renounceable rights issue and placement to fund testing and evaluation of its Hungarian geothermal energy projects.

The company will issue new shares to shareholders on a one for one basis, at the issue price of 5 cents per share, and adding one new option for every two shares issued, exerciseable at 10c before April 10, 2008.

Green Rock will also place 6.7 million shares at five cents each with Patersons Securities Ltd, to raise $335,000, with an options issue on a one option for two shares placed, exerciseable at 10c.

Patersons will also underwrite the rights issue.