Dec 9 (Reuters) - Austin Exploration Ltd AKK.AX :
* Is undertaking aud$3.2 million capital raising at $0.006 per share to fund acquisition
* Austin will remain debt free post acquisition
* Company has entered into an agreement with incremental oil and gas
* Florence oilfield being acquired from incremental oil and gas for us$2 million
* AKK expands asset base in colorado with acquisition of adjac,iog-akk.ax Source text for Eikon: ID:nASX5cl3R9 Further company coverage: AKK.AX