PERTH (miningweekly.com) – Coal developer Paringa Resources has been approved for listing on the Nasdaq Capital Market, with US trading starting under the ticker symbol PNRL.
Paringa on Tuesday said that the Nasdag listing did not include any capital raising, with the company’s cash reserves standing at $22.6-million at the end of June, and the company having recently drawn down the first $15-million tranche of a $21.7-million project loan facility with Macquarie Bank.
“Paringa offers investors participation in the strong, long-term cash flow from our Poplar Grove mine, which is now in the final stages of construction,” said interim CEO Todd Hannigan.
“Our Nasdaq listing aims to widen our shareholder base with more US-based investors and we expect this to occur progressively as we ramp up local production in 2019.”
The 2.8-million-tonne-a-year Poplar Grove thermal coal mine forms part of Paringa’s 40 000-acre Buck Creek complex, which also contains the 3.8-million-tonne-a-year Cypress mine, where construction is set to begin in 2019.
Paringa is hoping that the Poplar Grove mine will be cash flow positive by the second quarter of 2019, delivering earnings before interest, taxes, deprecation and amortisation of about A$41-million by 2020, when in full production.