Constellation Resources (ASX:CR1) said its board decided to withdraw an offer to raise AU$2.36 million via a non-renounceable entitlement offer to acquire one new fully-paid ordinary share for every four existing shares held, at an issue price of AU$0.15 per new share first disclosed on April 15, according to a Thursday Australian bourse filing.

It will now undertake a non-renounceable entitlement offer to raise around AU$2.52 million, before costs, via the issue of up to 21,013,075 new fully paid ordinary shares in Constellation.

The directors and officers of the firm plan to take up entitlements representing around 2.7 million new shares.

Under the entitlement offer, eligible shareholders will be offered the opportunity to purchase one new share for every three fully-paid ordinary shares held in Constellation at the record date of May 28, at an issue price of AU$0.12 per new share.

Its shares fell past 13% on market close on Thursday.