Cemetery operator Asia-Pacific Strategic Investments is planning a 5-for-1 rights issue, it said on Wednesday.
The Catalist-listed company is offering a renounceable rights issue of up to 1.1 billion new ordinary shares at a price of two cents per rights share.
That would raise up to $21.9 million if the shares are fully subscribed.
The company said it would use the bulk of the proceeds from the rights issue to pay for an acquisition of an Armenian gold miner, Coeur Gold Armenia.
It added that the price of two cents per rights share was 91.5 per cent lower than the closing price of 23.5 cents per share on Tuesday.
Shareholders can buy five rights shares for every share they own as of a books closure date that has not been determined.
Every rights share also comes with a free-of-charge warrant that gives its holder the right to subscribe for one new share in the firm at an exercise price of two cents.
The warrants are immediately detachable from the rights shares and will be listed and traded separately on the Catalist, the company said.