Havilah Resources Ltd. is undertaking a pro rata 1-for-7 renounceable rights issue to raise A$5.4 million.
The company will issue about 27.1 million new shares at 20 cents apiece. Every two shares will have an attaching free option to purchase an additional share for 40 cents apiece, exercisable by Nov. 30, 2019.
The issue is partially underwritten for A$1.0 million by CPS Capital Group Pty. Ltd., which will also act as lead manager.
Havilah plans to use the proceeds to advance its copper-gold assets toward production, it said Oct. 5.
The rights offering is expected to close Oct. 27.