Kairiki Energy plans $7m capital raising

Subiaco-based explorer Kairiki Energy will raise at least $7 million through a share placement to fund ongoing works at its project in the Philippines.

The company said it will place a minimum of 50 million shares at an issue price of 14 cents each to raise gross proceeds of $7 million.

Southern Cross Equities is managing the placement.

Funds raised from the issue will be used for funding the Service Contract 54 joint venture and for working capital.

Shares in Kairiki shed half a cent to 17c at 11:19 AEST.