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Atrum Coal raising A$13.5M to support development at Groundhog North project

ASX-listed Atrum Coal NL on Dec. 16 said it received irrevocable commitments from institutional and sophisticated investors for a A$13.5 million placement to supplement the company's existing facilities and allow it to complete significant milestones in 2017 at the Groundhog North anthracite project in British Columbia.

The placement will comprise 27,000,000 fully paid ordinary shares at 50 cents each. Atrum earlier proposed to raise up to A$10.0 million but agreed to upsize the offering to A$13.5 million due to strong demand.

Proceeds will fund planned activities including bulk sample deliveries to customers and further development of mining studies and permitting at Groundhog North. Working capital will also be provided to help start anthracite exports from Atlantic Carbon Group Plc.

Atrum had said Argonaut Equity Partners Pty. Ltd. acquired 24,000,000 shares in the company in accordance with the terms of a loan agreement between Russell Moran and a syndicate of lenders. The shares will be sold to investors at 50 cents apiece in a block trade executed as a special crossing on the ASX.