Western Australia based Mayan Iron Corporation (ASX: MYN) will offer a non-renounceable rights issue of options to raise approximately $650,000 before costs, with the funds allocated for general working capital.
The rights issue will be offered on the basis of three new options for every four shares held, at an application price of $0.01 per option.
The options have an exercise price of $0.20, and will expire on 30 November 2013.
Mayan said the prospectus relating to the rights issue is expected to be lodged with ASIC and ASX later today.
In mid-September 2010 Mayan announced that it would conduct an airborne geophysical survey of Guatemalan tenements, with Resource Potentials to assist with the survey and to provide interpretation of the results, which Mayan said will assist with targeting sand deposits with high iron content.