Dartbrook restart another step closer
PERTH (miningweekly.com) – ASX-listed Australian Pacific Coal (AQC) will raise A$12-million through an institutional placement and accelerated non-renounceable entitlement offer to provide working capital for the Dartbrook mine, ahead of a restart in the fourth quarter of this year.
The institutional placement raised A$4-million through the placement of 36-million shares at a price of 11c each to new and existing institutional and sophisticated investors.
A 1-for-4.75 accelerated non-renounceable entitlement offer, also priced at 11c a share, is expected to raise a further A$8-million.
The entitlement offer will be undertaken in two phases, including an institutional component to raise A$6-million, and a retail component to raise a further A$2-million.
“This injection of new equity is testament to the underlying value of the Dartbrook project and the progress that has been made to substantially de-risk the restart of the mine. In just under eight months, we have fully de-watered the Dartbrook tunnel, implemented the joint venture agreement, improved the estimated yields and product quality via the new mine plan, and reclaimed a higher working interest in the Dartbrook project for AQC shareholders,” said interim CEO Ayten Saridas on Thursday.
“AQC has funded the project through to today, which has placed us in a significantly stronger position to finalise the financing that is required to restart production in the fourth quarter of this year.
“Thanks to the strong support of our shareholders, the funds raised via the placement and accelerated non-renounceable entitlement offer will allow us to maintain the positive momentum at Dartbrook while we finalise financing negotiations with interested parties over the coming weeks.”
AQC 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.
The company recently received a non-binding letter of intent from a global commodities firm for up to $50-million in debt funding.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation