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Atrum Coal raises initial A$8M to fund acquisition of Elan coking coal project

Atrum Coal Ltd. raised A$8.0 million via a two-tranche placement in the first stage of its A$12.6 million equity raising.

The company will use the funds to complete the acquisition of the Elan coking coal project in Alberta and start exploration, including drilling and resource delineation, at Elan South. Funds will also be used to retire a A$1 million loan and for general corporate purposes.

The second stage will include raising up to A$4.6 million under a 1-for-5 nonrenounceable entitlements offer, according to the March 21 release.

The placement comprises the issue of 80.0 million fully paid ordinary shares at 10 Australian cents. The acquisition is expected to be completed March 31.