Orbminco (ASX:OB1) launched a one-for-two pro-rata, nonrenounceable non-underwritten entitlement offer to eligible shareholders to raise up to AU$1.1 million, according to a Tuesday Australian bourse filing.

The offer will comprise an issue of up to 1.08 billion fully paid ordinary shares at an issue price of AU$0.001 per share.

Each eligible shareholder will be entitled to subscribe to one new share for every two ordinary shares held as of March 14, the filing said.

The offer will close on April 11 and the allotment date is April 17, per the filing.

It will use the proceeds for diamond drilling and induced polarization survey programs at its Bronze Fox copper-gold project in Mongolia, among others.