Quest Minerals (ASX:QNL) has announced that it will be undertaking a fully underwritten 1 for 1 rights issue at 2 cents per new share for current and future exploration activities.
Quest shares closed at 9 cents, up 27%.
The capital raising will involve the issue of approximately 101.6 million shares to raise approximately $2.03 million before costs. The issue will be underwritten by NatWest Securities Limited.
Disclosure: The author holds no positions in the company