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Coal|Mining|Operations
Coal|Mining|Operations
coal|mining|operations

APC completes capital raise

5th October 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Australian Pacific Coal (APC) has completed the retail component of its accelerated non-renounceable entitlement offer, announced earlier this year.

The retail component of the 1-for-4.75 accelerated non-renounceable entitlement offer, which was priced at 11c a share, raised A$2-million, bringing the total capital raised to A$12-million.

A total of 109-million shares were placed during the capital raise, which also included an institutional placement and an institutional component to the accelerated non-renounceable entitlement offer.

Funds raised will be used to provide APC with additional working capital and to fund ongoing works at the Dartbrook mine, ahead of a targeted restart of mining operations in the fourth quarter of this year.

APC has previously noted that the restart of the Dartbrook operation would require a capital investment of up to A$120-million. To date, the company has provided A$20-million through loans to the Dartbrook joint venture.

Edited by Creamer Media Reporter

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