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Instead of the A$3.78 million placement and $1.01 million entitlement offer initially flagged in the first half of July, Krakatoa is now raising $2.58 million.
The entitlement issue was scrapped last month and the second tranche of the placement was given a haircut this week.
CPS Capital was the 'lead manager'.
The raisings were priced at 3.6c.
Krakatoa shares were trading this week at 2c, capitalising the company at $8.5 million.
Krakatoa is exploring for lithium and rare earth elements in Australia.
The company had just under $1 million cash at the end of June, having undertaken a $560,000 placement last quarter.
