The company on Monday announced that it would undertake a two-for-three non-renounceable pro-rata entitlement offer, priced at 1.8c a share.

Eligible shareholders would also receive one free attaching option for every two new shares subscribed for, which will have an exercise price of 3.6c each and an expiry date of three years from issue.

The rights issue would close on May 10, and would not require shareholder approval, Strickland said.

Strickland noted that the funds raised would be used to continue exploration on the company’s existing exploration projects in Western Australia, and to potentially fund project acquisitions, as well as working capital.