Mosaic said current shareholders will be able to buy shares at 12c per share to the amount of either of $1,500, $3000 or $4992.

Another junior in the market raising funds is Longreach Oil, who will issue 70 million shares at 2.5c on the basis on one share for every two shares held.

Longreach said the $1.75 million raised will be used to drill the Leschenault exploration well in the Perth Basin, exploration activity in the South Carnarvon Basin and Queensland's Surat Basin as well as entering into joint ventures to develop energy resources in Australia.