Elk Petroleum Limited (ASX:ELK) has announced it has launched a AU$30.76 million entitlement offer.
The partially underwritten 1 for 1 non-renounceable pro-rata offer to eligible shareholders has an offer price of AU$0.075 per share.
Elk Petroleum will use the proceeds raised to partially fund its Grieve Project.
Alongside the raising, the company has announced it has executed a mandate letter with the credit arm of a global asset management firm for a senior loan facility in the order of $55 million.
Elk Petroleum reported a net loss of $3.5 million at 31 December 2015.
