Atrum Coal NL Closes A$3M Discretionary Placement
03.09.2015 | ABN Newswire
Sydney, Australia (ABN Newswire) - Atrum Coal NL ("Atrum" or the "Company") (ASX:ATU) (OTCMKTS:ATRCF) is pleased to announce the closure of a A$3m institutional investor discretionary placement on the same terms as the recent Entitlement Issue. The discretionary placement was made pursuant to the prospectus dated 3 August 2015, as supplemented by the supplementary prospectus dated 25 August 2015.HIGHLIGHTS
- Closure of a A$3m discretionary placement to existing and new institutional investors
- Bob Bell and John Wasik have been appointed to the Board as non-executive directors
The funds raised pursuant to the discretionary placement will be used for general working capital.
VP Finance, Theo Renard, commented:
"We've had strong support for our recent Entitlement Issue and now for the A$3m discretionary placement. Existing and new institutional investors participated in discretionary placement.
"The focus of the Company is now on completing the proposed sell-down of part of the Groundhog North Mining Complex with the aim to raise significant funds that will facilitate development of a world-class anthracite resource, in a low sovereign risk country, 150km direct distance from a deepwater port. We have already had strong initial interest from various steel mills, trading groups and industrial anthracite users. The Company's VP Business Development and Marketing, Peter Doyle, is currently meeting with potential customers and investors and we will update the market on the proposed sell-down process over the coming months."
Appointment of Non-Executive Directors
With the completion of the recent Entitlement Issue and discretionary placement, the Company is pleased to announce that Bob Bell and John Wasik have been appointed to the Board as nonexecutive directors. In addition to their other duties, both will assist the existing directors and management with the sell-down process.
About Atrum Coal NL:
Atrum Coal NL (ASX:ATU) is an emerging metallurgical coal explorer and developer.
The Company has a substantial coal position in British Columbia which, as a region boasts:
- Abundance of high quality PCI, coking and anthracite coals
- Well developed rail and port infrastructure with excess capacity
- Access to deep sea ports
- Competitive shipping distance to Asia
- Positive government stance on mining
The Company is building a quality portfolio of metallurgical coal assets suited to the Asian export market and the Board of Directors have a strong track record in identifying and developing world class coal assets in Australia and abroad.
Contact:
Atrum Coal NL
T: +61-2-8249-1884
F: +61-2-8249-1800
www.atrumcoal.com