BCI Minerals completed the retail component of its accelerated non-renounceable entitlement offer, raising $114.1 million.

Coupled with the institutional component, the funds raised reached approximately $255 million. The offer provided one new share for every 1.19094 shares held at 25 cents per new share.

The retail entitlement offer shortfall of 433,117,888 million new shares will be allocated to sub-underwriters, including AustralianSuper.

New shares from the retail entitlement offer will be issued on March 4 and traded on the ASX from March 5.

The capital raise is part of BCI's $315 million fully underwritten equity initiative for the Mardie Salt & Potash Project in Western Australia.