APC completes capital raise
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.
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