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Ensurance to raise A$6.9M in share offer

Ensurance Ltd plans to raise A$6.9 million through the issuance of shares in an entitlement offer.

The Australian insurer will offer 173,113,862 shares at a price of 4 cents per share to eligible shareholders in Australia and New Zealand. The offer ratio is one share for every share held.

The insurer said in April that it would raise A$800,000 through a share placement and up to A$6.2 million through an entitlement issue. Proceeds from the issuance will be used to retire short-term debt and expand the company's U.K. operations.