Flinders Mines Ltd. said Oct. 7 that it plans to raise about A$5 million from a nonrenounceable entitlement offer at 1.7 cents per share.

The offer, which will comprise about 295 million fully paid ordinary shares on a 1-for-10 basis, will close Nov. 4, with the trading of new shares to start Nov. 14.

There is no shortfall facility as part of the offer, the company noted.

Proceeds will be used to repay the loan from Tio (NZ) Ltd. unit PIO Mines Pty. Ltd., or PIOP, meet the minimum tenement expenditure commitments for PIOP for the next 12 months and provide working capital.