The placement will be conducted through the issue of ordinary shares at a price of 1.2 cents a share.
Investors will also be issued with one free attaching option for every two shares subscribed.
A total of 43 million shares for issue
The free attaching option will be unlisted, have an exercise price of 2 cents and an expiry date which is 18 months from the issue date.
Under the placement, a total of 43 million shares and 21.5 million free attaching options will be issued.
The issue of the placement shares and options, as well as the completion of the placement, will be subject to lodgement of a prospectus, which the company expects to lodge in the coming days.