Hunnu Coal Completes A$40M Placement
Hunnu Coal Limited (ASX:HUN) announced today its firm commitment from subscribers to participate in the placement through an issue of 50 million shares at 80c to raise A$40 million before costs.
CPS Securities and Azure Capital Limited were joint lead managers in this placement.
Hunnu Coal states in its announcement that the funds raised will be used for:
- Continue aggressive drilling at Tsant Uul Coking Coal Project
- Continue aggressive drilling at Unst Khudag Thermal Coal Project
- Calculation of JORC resources on both Tsant Uul and Unst Khudag
- Fast track development at Tsant Uul and Unst Khudag
- Acquisition of additional coking coal projects
The placement is in two tranches. First tranche of 24 million shares will be issued on October 27, 2010. Second tranche of 26 million shares is subject to shareholder approval at a general meeting of Hunnu Coal, to be scheduled as soon as it is practical, the announcement states.
Hunnu Coal shares were halted after Friday trading and it is believed resume normal trading tomorrow Wednesday, October 20.
CPS Securities and Azure Capital Limited were joint lead managers in this placement.
Hunnu Coal states in its announcement that the funds raised will be used for:
- Continue aggressive drilling at Tsant Uul Coking Coal Project
- Continue aggressive drilling at Unst Khudag Thermal Coal Project
- Calculation of JORC resources on both Tsant Uul and Unst Khudag
- Fast track development at Tsant Uul and Unst Khudag
- Acquisition of additional coking coal projects
The placement is in two tranches. First tranche of 24 million shares will be issued on October 27, 2010. Second tranche of 26 million shares is subject to shareholder approval at a general meeting of Hunnu Coal, to be scheduled as soon as it is practical, the announcement states.
Hunnu Coal shares were halted after Friday trading and it is believed resume normal trading tomorrow Wednesday, October 20.
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