Petratherm Ltd (ASX:PTR) has announced it has received firm commitments to raise $3.1m by way of placement of new shares with funds to be used to expedite exploration on the Company?s Comet and Woomera projects.
When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.
More often than not, the shares are sold at a discount to the company?s share price at the time to entice new and existing investors.
Shares of Petratherm Ltd traded down 7.14% following the announcement, at $0.13/share.