Mighty Kingdom (ASX:MKL) seeks to raise up to AU$3.4 million via an entitlement offer and placement to strengthen its balance sheet and fund its growth initiatives, according to a Tuesday Australian bourse filing.

The company will seek to raise around AU$1.1 million via an accelerated non-renounceable entitlement offer at AU$0.005 per share.

A placement to sophisticated and institutional investors under the company's 25% placement capacity at AU$0.005 per share is targeted to raise around AU$270,000, while a proposed additional placement will raise AU$2 million.

The company expects to issue up to 670 million new shares, per the filing.