Yandal Resources Ltd (ASX:YRL) aims to raise to around $3.342 million in a pro-rata non-renounceable rights offer with funds to accelerate exploration of its highly prospective gold projects in Western Australia.
The company will issue up to 13.369 million shares at 25 cents per share in the offer on the basis of one new share for every five shares.
Yandal expects to lodge an offer document on Monday, June 22, with funds raised to be used for exploration on the Gordon's and Mt McClure projects.
The offer is not underwritten and Panthea Capital Partners Pty Ltd is lead manager and has been engaged to place any shortfall.
There is no minimum subscription under the offer.