The company is offering a pro rata non-renounceable issue to shareholders on the basis of one new share plus attaching options for every three existing shares to raise up to $5.12m.
The issue will be underwritten by Kefu Underwriters Pty Limited and Patersons Securities Limited.
The funds raised have been earmarked for the Moby-2 production and appraisal gas well in Vic/P47, 3D seismic over the Vic P41/47 permit, five back-to-back wells in the Cooper Basin permit PELA 182, and the Gilbert exploration well in Vic/P47.
Eagle Bay shares opened at 12 cents today. At 1pm AEDT they were at 11.5 cents.
