Vonex (ASX:VN8) said it is raising AU$13.9 million via a one-for-one non-renounceable entitlement offer, comprising the issue of more than 376.3 million ordinary shares, according to a Tuesday filing with the Australian bourse.

Each share is priced at AU$0.037, representing a 7.5% discount to the closing price of Vonex shares on Monday, the filing said.

Vonex's largest shareholder, Maxo Telecommunications, agreed to invest up to AU$13 million, per the filing.

The offer will open on Feb. 11 and conclude on Feb. 20.

Proceeds will be used to pay part of the company's AU$23 million debt.