On 15 February 2020, the share capital of Bioshock Ltd consists of 100,000 ordinary shares, issued for $5 each and paid in full. On that date, the directors of the company announce a 1 for 5 rights issue. Each share issued under the rights scheme costs $6. If all shareholders exercise their rights in full and if there are no costs to the rights issue, how much money will Bioshock Ltd?s rights issue raise?

$100 000

$120 000

$500 000

$600 000