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GB Energy, which is offering 20 million shares at 20c each, plans to float on the Australian Securities Exchange on June 8.
After listing, the explorer expects to have a market capitalisation of $9.8 million.
So far, GB Energy has acquired interests in seven licences in the eastern Czech Republic, located within the large Carpathian hydrocarbon province.
This province extends from Austria, through the Czech Republic, Slovakia, Poland, Ukraine and into Romania.
Half of the IPO funds will be spent on a two-year exploration program, while the remainder will be designated for ongoing working capital and to allow the company to buy $250,000 worth of shares in permit operator Imperial Petroleum.
GB Energy chairman and managing director is Graeme Kirke, its technical director is Dr Paul Robinson and non-executive director is Ross Ashton.
