Jupiter Energy (ASX:JPR) announced a proposed capital raising, partnering with Brisbane-based Vested Equities.
The company plans to raise $3 million, with the potential to accept oversubscriptions for an additional $1 million, reaching up to $4 million in total.
Shares will be offered at 3 cents per share.
Vested Equities will act as the lead managers, engaging other brokers in Australia and acting as the lead arranger for the transaction settlement.
Jupiter Energy will pay a commission of 6% on funds raised through Vested Equities.
The placement prospectus will be open to investors in Australia and the UK, with a priority offer for existing Australian shareholders.
Geoff Gander, Chairman and CEO of Jupiter Energy, stated, "We encourage all shareholders to utilise this exclusive service by calling our hotline, where an experienced shareholder engagement team will be available to provide personalised support."
Funds raised will be allocated towards the drilling, completion, and testing of a new well on Jupiter's Akkar East oilfield, aiming to increase oil production from approximately 640 barrels per day to around 1,000 barrels per day.
Any shortfall in the shareholder offer will be placed with other interested investors.
Jupiter Energy has launched a dedicated hotline for shareholders providing direct engagement and detailed information on the company's strategic vision and capital raising efforts.
Director participation is contingent upon shareholder approval at a meeting expected in early February 2025.
At the time of reporting, Jupiter Energy's share price was $0.003.