White Energy Co. Ltd. said Oct. 8 it intends to raise up to A$23 million through a 1-for-1 pro rata renounceable entitlement offer of about 328,374,494 shares at 7 Australian cents each.

Net proceeds from the offering will be used to fund the company's ongoing legal proceedings, to repay unsecured loans and for general working capital.

The offering, representing a 16.7% discount to the company's share price, will be available to eligible shareholders in Australia and New Zealand.