Variscan Mines (ASX:VAR) launched a fully underwritten renounceable entitlement offer to raise around AU$2 million, according to a Wednesday filing with the Australian bourse.
The offer consists of two new shares per three shares held by eligible shareholders at an offer price of AU$0.007, as well as one free attached option for every four shares subscribed exercisable at AU$0.015 with a two-year expiry, the filing said.
Proceeds will be used to fund exploration and drilling programs and development studies at its Spanish zinc Novales-Udias project and operational working capital, the filing added.
Variscan shares tumbled 20% in Thursday trade.
Price (AUD): $0.01, Change: $-0.0020, Percent Change: -20.00%
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