Australia-listed company Petsec Energy is looking to raise roughly A$11 million (US$8.1 million) to help fund its projects in the US Gulf of Mexico and Yemen.
The company announced a non-renounceable entitlement offer on Thursday which will see it offer one new share for every 3.2 shares held by eligible shareholders.
Petsec will offer the new shares at A$0.15 each, which it said represented about a 17% discount to the volume weighted average price of its shares over the past three months.
