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Austral Gold raising up to A$5.6M for exploration, working capital needs

Austral Gold Ltd. intends to raise gross proceeds of up to A$5.6 million via a pro rata rights offering of common shares.

The company said Aug. 15 that it will use the funds for brownfield exploration programs at its projects and for working capital needs in Argentina and Chile.

Eligible shareholders will be able to purchase 1 share for every 7 shares held at 8 Australian cents per share and 1 option for every 1.5 shares subscribed.

Each option will be exercisable for 1 additional share for 9.2 cents apiece within two years. Potential proceeds from the exercise could amount up to an additional A$4.3 million.

The offer will open Aug. 23 and close Sept. 13, unless extended by the board.