In a statement this morning, Neptune said it was looking to raise a minimum of $17.3 million to fund the acquisition of two related businesses – Allied Diving Services and Territory Diving Services. These businesses are expected to add $8 million in annualised revenue.

The funds would be raised via a placement of 5 million shares at 20c each to raise $1 million, as well as a two-for-one renounceable rights issue of 81.7 million shares to raise at least $16.3 million.

Neptune managing director Christian Lange said the capital raising allowed his company to accelerate its strategy for growth.

“Neptune is in the best position in its short history to capitalise on strong market conditions and the expanded range of IRM services we are assembling,” he said.

“Our pipeline of bidding activity is encouraging and we are continuing to assess other acquisition opportunities that enhance our service capability and make an immediate contribution to earnings.”

Meanwhile, junior explorer Essential Petroleum has announced its own plans to raise $3.614 million via a two-for-three non-renounceable rights issue at 3c per share.

The proceeds will be used to fund its share of a 3D seismic survey over the Bernoulli Prospect in offshore Otway Basin permit VicP46.