Paringa Resources Ltd. said Dec. 12 that it completed a bookbuild for a placement comprising 19.0 million shares at 42 Australian cents each to raise A$8.0 million.

The proceeds from the offering will be used to fund an updated bankable feasibility study for a potential two-seam coal operation at the Poplar Grove mine, part of its Buck Creek complex in Kentucky, in early 2017 and to kick off development of the mine by mid-2017.

The study concluded that Poplar Grove could be developed at US$40 million for an initial 1.8 million tonnes per annum of production.

As of Dec. 9, US$1 was equivalent to A$1.34.