Kinetiko Energy (ASX:KKO) secured firm commitments to raise AU$3.2 million through a placement of about 48.5 million shares at AU$0.065 each, according to a Wednesday filing with the Australian bourse.
The offer price represents around a nearly 14% discount to the stock's 30-day volume-weighted average price, the filing said.
The funds will be used for the company's Brakfontein gas project in South Africa and to drill other prospective areas, the filing added.
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