MARKETS

Otto seeks cash to shore up balance sheet

GULF of Mexico focused explorer and producer Otto Energy is seeking to raise A$17.5 million through a placement and entitlement offer to shore up its balance sheet and pay for a well it drilled earlier this month.

Otto seeks cash to shore up balance sheet

Otto will launch a one-for-one entitlement offer to raise $16.15 million and a placement for a further $1.4 million tomorrow. Shares are offered at 0.6 cents per share, a 25% discount to Tuesday's close...

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