Guernsey-based port and logistics facilities operator Mercantile Ports & Logistics Ltd revealed that it intends to secure 29.8 million pounds ($38.3 million) through a share placing, a subscription, and open offer.
Mercantile Ports & Logistics will issue up to 973.2 million shares a $0.26 each in a placing to raise up to $25 million.
The company will also offer up to 103.5 million shares at the same price in an open offer to raise $2.7 million, and 414.3 million for $10.6 million in a subscription.
Mercantile plans to use the funds raised to partially substitute undrawn banking facility, pay accrued bank interest and other outstanding liabilities, along with the continued construction and completion of a port and logistics facility near Navi Mumbai in India.