Optiscan Imaging (ASX:OIL) will raise up to AU$17.8 million through a

fully underwritten pro-rata renounceable entitlement issue of 208.8 million shares at AU$0.085 apiece, according to a Wednesday filing with the Australian bourse.

The new shares will be offered on a ratio of one new share for every four shares held, the filing said.

Proceeds will be used to undertake necessary studies, testing, regulatory approvals, certification of its devices, and also for general working capital purposes.

Shares of the company rose 10% on market close.