Optical products and services company C @ Limited (ASX:CEO) has issued a prospectus for a three for four rights issue to raise around $1.5 million.
The company intends to issue up to 196.8 million shares at $0.008 per share. The proceeds will be used to explore opportunities to enter the coal sector, C @ said.
The appointment of coal specialist Mark Earley to Managing Director – and thus the plan to enter the mining sector - is subject to the successful raising of no less than $1.5 million in new capital.
Possible areas include thermal and metallurgical coals in Australia, Indonesia and more emerging mining regions such as Mongolia, C @ said.
C @ has meanwhile called its general meeting for September 6. Earley's appointment is also contingent on shareholders agreeing to grant him nearly 46 million incentive options at $0.01 each.