PERTH (miningweekly.com) – ASX-listed Tigers Realm Coal has completed the retail component of its A$43.5-million capital raise, which was launched in December.
The company in December raised an initial A$17.1-million in the institutional component of its 1-for-1.4 fully underwritten accelerated renounceable entitlement offer, which had been priced at 0.8c a share.
Tigers Realm on Thursday reported that a further A$3.7-million will be raised under the retail entitlement offer, which closed on January 4.
Some 2.8-billion entitlements, representing the retail and institutional entitlements not taken up, will now be offered for sale in a bookbuild, which will start on January 8.
Tigers Realm previously said that proceeds from the capital raise would go towards the construction and commissioning of the coal handling and preparation plant (CHPP) at the Amaam project, in Russia, as well as for working capital and transaction costs.
The company is working towards becoming a ten-million-tonne-a-year coking coal producer, and is currently developing its Stage 1 operation at Amaam, which could see the production of up to 1.6-million tonnes a year of coking coal.