Stockbroker Petra Capital kicked off a capital raising for Doray Minerals Ltd. comprising 89.3 million Doray shares at 28 Australian cents apiece for about A$25 million in proceeds, The Australian Financial Review's Street Talk wrote Feb. 20.

The placement comprises two tranches, with the second tranche subject to approval by Doray investors.

Doray intends to use the proceeds to reduce its debt to A$29.3 million from A$47.5 million as at Dec. 31, 2017, according to the terms of the financing sent to potential investors.