Mitchell to raise $9m
BRISBANE drilling outfit Mitchell Services is raising $9 million as the resources industry improves.
The funds are to be used on drilling rigs and hiring staff as more contracts come on board.
Mitchell, which posted a reduced $4.4 million loss last year, is looking to raise $2.5 million via big institutions at 3.4¢ a share.
It also is asking current investors to tip in another $6.3 million, by buying one stock for every eight they already own at that same price. That 3.4¢ price is 15 per cent below recent averages of 4¢.
Stock in Mitchell climbed 0.4¢ to 4.1¢ on Friday.