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The Melbourne-based company told the market this morning the funds would be raised via a non-renounceable 1-for-3 rights issue of ordinary fully paid shares at 1 cent each.
Of the funds, about $1 million would be used to complete the Alberton-1 and Napier High-1 exploration wells, while $4-6 million will pay for the drilling of the Wombat-4 well.
About $600,000 will be spent re-entering and fraccing the Wombat-1, 2 and 3 wells, and $1-2 million will be saved for ongoing working capital.
