Precious metals hopeful Austral Gold will launch a non-renounceable pro-rata rights offer to raise A$5.6-million to fund brownfield exploration at its projects in Argentina and Chile. Eligible shareholders will be able to subscribe for one new share for every seven shares held, at a price of 8c a share. The offer will also include one option for every one-and-a-half shares subscribed for, which can be exercised at a price of 9.2c each until the second anniversary of the date of issue.
