TPL to conduct $2m capital raising

Web-based publisher TPL Corporation (ASX:TPL) has announced plans to conduct a $2 million share placement in a capital raising initiative.

The company will sell up to 125 million ordinary shares at 1.6 cents per share. TPL has commissioned Hartleys Limited to serve as broker to the offer.

The funds will be used to develop its Total Hits web-based magazine business, as well as seeking the grant of a coal license for the Canning Basin.

TPL shares on the ASX have today grown 5% to $0.021.