WestSide Corporation Limited (ASX:WCL) has announced plans raise $25.4 million through a new pro rata entitlement offer.
The coal-seam gas explorer today announced a 2-for-5 offer to shareholders with aims to raise working capital to meet growth aspirations within its Queensland operations.
Under the capital raising shareholders will have the chance to purchase new shares at $0.25.
Some of the funds raised will go towards a field development feasibility study for possible new gas sales agreements.
WestSide also plans to put some money towards its exploration program within its Bowen and Galilee Basin tenements.
In the year to June 30, 2011 WestSide reported a loss of $9.4 million.
