Paringa hopes to raise cash for Buck Creek development
PERTH (miningweekly.com) – Coal hopeful Paringa Resources was hoping to raise A$5-million through a share placement to institutional and sophisticated investors to accelerate the planned development at the Buck Creek coal project, in the US.
The ASX-listed junior said on Wednesday that it had completed a bookbuild for the placement of 12.5-million ordinary shares, at a price of 40c each, to raise the capital.
“This transaction is an excellent outcome for the company and the strong support received underlines the quality of the high-margin, low capex [capital expenditure] Buck Creek project,” said Paringa CEO David Gay.
He noted that the funds would allow the company to continue its aggressive leasing programme and to complete the remaining technical studies, with the aim of entering into construction by 2015, and to increase the maiden resource estimate at Buck Creek.
Paringa in May launched a prefeasibility study on Buck Creek.
A previously completed scoping study found that for a capital investment of some $109-million, including a coal handling and processing plant and a barge load-out facility, Buck Creek could deliver 3.4-million tonnes of coal a year, over a 16-year mine life.
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