Australian junior coal miner, Malabar Coal, has raised AUS$1.42 million in the first part of an entitlement offer that is aiming to raise AUS$2 million to fund development of the company’s Spur Hill coal project.
The offer comprises a now-completed accelerated institutional component, as well as a retail component. The retail component will open on 7 September and close at end-of-trading on 16 September.
Under the entitlement offer, eligible shareholders are able to subscribe for one new share in the company for every eight already held. The offer is fully underwritten by seven existing shareholders, including four current directors.
The company’s Spur Hill coal project is located in the Upper Hunter Valley of New South Wales. It comprises a proposed underground longwall mining operation, producing metallurgical coal.
Edited by Jonathan Rowland.
Read the article online at: https://www.globalminingreview.com/finance-business/02092016/malabar-completes-first-part-of-cash-raising-2016-2352/