The 1:3 renounceable pro rata entitlement offer at $0.10 per share is part of a $10.1 million capital raising program to support the company’s projects in Africa and Northern Ireland.
The offer is partially underwritten by Patersons Securities Limited.
Walkabout has sent a prospectus for the issue to shareholders who have until 17 January 2018 to accept the offer.
The company has already secured $3.4 million from institutional and sophisticated investors through a share placement at $0.101 each.
Lithium exploration program
The new funding will help underwrite exploration of Walkabout's lithium prospects in Namibia.
The company recently acquired two licences in the prospective Orange River Pegmatite Belt (ORPB) in in the Karas region of southern Namibia, including the Eureka Lithium Project.
Recent mapping has highlighted the outcrop of more than 60 previously unmapped pegmatites on the properties that have not previously been exposed to modern exploration techniques for lithium.
An exploration program is planned to start this month at Eureka.
Option to acquire remaining 30% of Lindi Jumbo
Walkabout holds 70% of the Lindi Jumbo Graphite Project in Tanzania and plans to use the funds to exercise an option to acquire the remaining 30% from the vendor for US$1 million.
Funds will also be used to order equipment from China required to commence project development.
Lindi Jumbo is awaiting the grant of a mining licence from the Tanzanian government.
Northern Ireland portfolio
These licences are prospective for gold, base metals and other minerals, including lithium.
Walkabout plans reconnaissance and follow up work on these licences.