ASF Group (ASX: AFA) is raising up to $16.3 million through a pro-rata non-renounceable one for two rights issue for working capital and to fund future investment opportunities.
The maximum of shares that may be issued under the rights issue is 163,303,144 shares priced at $0.10 each, which represents a 34% discount on the five-day VWAP to 14 November 2013.
The offer is not underwritten.
ASF has just lodged a bid to develop the new Broadwater Marine Project, a cruise ship terminal and casino at Broadwater on the Gold Coast.
It has added to its asset base by secured control of a coking coal portfolio of 27 Exploration Permits in Queensland by acquiring a 68.205% equity interest in private company Civil & Mining Resources.
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