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Clancy Exploration to raise A$2.1M in underwritten rights issue

ASX-listed ClancyExploration Ltd. said April 11 that it is aiming to raise A$2.1 millionin a renounceable rights issue, offering new shares at 0.1 cent each.

The entitlements are fully underwritten by Patersons SecuritiesLtd. Eligible shareholders will be able to subscribe for 7 new shares for everyexisting share, together with 1 free attaching option for every 3 shares for whichthe shareholder subscribes.

Free attaching options will have an exercise price of 0.4 centwithin a three-year window.

Proceeds will be put toward continued exploration of the company'sprojects in Australia, as well as funding the search for a new project. Proceedswill also be used for working capital and the cost of the offer.

The company also has a 15% capacity to raise an additional A$38,000in a placement for sophisticated investor clients of Patersons.

The rights issue is expected to close on May 2.