TruScreen Group (NZE:TRU, ASX:TRU) on Thursday launched a capital raise of about NZ$2.9 million, according to a same-day filing with the New Zealand bourse.

The capital raise includes a placement to institutional investors to generate up to NZ$1 million through the issue of up to 71.4 million new shares at NZ$0.014 each. Shares issued under the placement will carry one attaching option per two shares subscribed, exercisable at NZ$0.014 with a 24-month expiry from the date of issue.

The capital raise also includes a one-for-five pro-rata renounceable rights issue to generate up to around NZ$1.9 million. Shares under the rights offer are priced at NZ$0.013.

The company said it plans to use the proceeds for various business purposes.