Wellington Drive Technologies has announced the second part of a plan to raise $9.65 million through share placements.
The company intends to place 11.5 million shares, at 10 cents each, with several institutional and professional shareholders, to raise $1.15 million.
The offer is conditional on 85 million shares being placed with Australian fund manager Hunter Hall Investment, which was announced last week.
The company has also issued details of a share purchase plan, which will give all shareholders the option of subscribing for up to $5000 worth of shares, in lots of $1000.
The shares will be priced at a small discount to the market price over a period to be determined, or at 10c, whichever is the lowest.