Proceeds for accelerating exploration at Metallurgical Coal Project
By Marisa Wong
Madison, Wis., Nov. 11 - Tiaro Coal Ltd. said it has raised A$3.4 million through the placement of ordinary shares to sophisticated investors and institutions.
The company sold 10 million ordinary shares at A$0.34 per share. The price per share represents a 19.05% discount to the Nov. 10 closing share price of A$0.42.
Patersons Securities Ltd. led the placement.
Tiaro said the deal was heavily oversubscribed.
Funds will allow the company to accelerate exploration at its Tiaro Coal Measures Metallurgical Coal Project in South East Queensland and will provide general working capital.
Tiaro is a Sydney, Australia-based coal mining company.
| Issuer: | Tiaro Coal Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$3.4 million
|
| Shares: | 10 million
|
| Price: | A$0.34
|
| Warrants: | No
|
| Agent: | Patersons Securities Ltd.
|
| Announcement date: | Nov. 11
|
| Stock symbol: | Australia: TCM
|
| Stock price: | A$0.40 at close Nov. 11
|
| Market capitalization: | A$28.48 million
|
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