Pryme Energy is looking to raise up to $5.2 million with an...

Pryme Energy is looking to raise up to $5.2 million with an underwritten 3:2 renounceable rights issue at 1¢ per share.
Fully subscribed, Pryme will have an implied market capitalisation of about $11 million at the implied theoretical ex-rights price of 1.28¢ with $5.4 million of cash (net of costs).
Proceeds from the deal will be used for a drilling program at the Capitola oil project along the eastern shelf of the Permian Basin, Texas.
The first well is expected to be completed within weeks of closing the rights issue.
Patersons is managing the deal.