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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.