Geo Energy Resources plans to raise up to $14.875 million by placing out 35 million new shares at 42.5 cents each.
The funds raised will be used for working capital purposes.
At 42.5 cents each, the placement price is a discount of 4.49% to the last full day weighted average price of 44.5 cents on March 3.
With all new shares issued, the coal miner's share base will increase by around 2% to more than 1.74 billion shares.
This placement is managed by KGI Securities.
