Attila raises capital for US projects
PERTH (miningweekly.com) – Coal hopeful Attila Resources would look to raise A$7-million through a share placement to further work on a number of its projects in the US.
Attila said on Monday that it would place 11.7-million ordinary shares, at 60c each, to institutional and sophisticated investors.
The placement would be completed in two tranches, with the first five-million shares issued under the company’s 15% capacity. A second tranche of about 6.67-million shares would be issued subject to shareholder approval.
The funds raised by the placement would be used to complete the bankable feasibility study at the Gurnee prospect, which forms part of the Kodiak coking coal project, as well as to complete a Joint Ore Reserves Committee-compliant resource at the Syemour, Upper Thompson and Project X areas, and to fund general working capital.
“We are very pleased with the strong support received for the placement, which ensures Attila remains well funded beyond the completion of the bankable feasibility study on the Kodiak project,” said executive director Evan Cranston.
He noted that the funds raised would also allow Attila to advance the other projects in the Cahaba basin, which had the potential to further improve the economics of the Kodiak project.
“Our recently completed prefeasibility study (PFS) highlighted the technical and economic strength of the Kodiak coking coal project. We are looking forward to fast-tracking the newly acquired Upper Thompson seam and Project X into the future production profile of our existing hard coking coal project," said Cranston.
The Kodiak PFS, which was based solely on the Gurnee prospect, estimated that the project could produce about two-million tonnes a year of product, with an initial capital investment of $52.1-million required. A staged development option would reduce the up-front funding requirement.
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