Jacka Resources Limited (ASX:JKA) has raised more than $2.8 million in an entitlement offer that follows on from a recent $1 million placement.
The oil and gas explorer says the raising compliments their development of the Aje field offshore Nigeria.
Once the capital raising is completed the loans are repaid the company will hold about $11.3 million in cash.
The company also announced a board restructure that reduced the size of the board to three members.
Jacka reported a net loss of $425,000 in the first half of the 2014 financial year.
