Issues Supplementary Prospectus
Sydney, Aug 25, 2015 AEST (ABN Newswire) - Atrum Coal NL (
ASX:ATU) has today released a supplementary prospectus to the prospectus lodged on 3 August 2015 to cater for the increased demand for placement shares.
Hihglights:
- Recently closed entitlement offer 98.47% taken up by existing shareholders
- Favourable response to placement leads Atrum to increase discretionary placement by $2 million
The recently closed entitlement offer was very well received by existing shareholders, with 98.47% of the entitlement offer taken up by existing shareholders under the entitlement offer and shortfall facility.
As a result of the demand for the placement shares, the Atrum board has determined to increase the discretionary placement offer from $1 million to $3 million.
Executive Chairman, James Chisholm commented:
"We are delighted with the take up of the entitlement offer by existing shareholders. The response was very positive, and as such, the Atrum board has determined to increase the discretionary placement."
Atrum confirms that it is progressing work on the Bulk Sample Permit and is in continued discussions with various parties in relation to a sell-down of the Groundhog North Mining Complex.
More information will be provided in due course.
About Atrum Coal Limited
Atrum Coal Limited (ASX:ATU) is a metallurgical coal developer. The Company flagship asset is the 100%-owned Elan Hard Coking Coal Project in southern Alberta, Canada. Elan hosts large-scale, shallow, thick, hard coking coal (HCC) deposits with a current JORC Resource Estimate of 298 Mt (70 Mt Indicated and 228 Mt Inferred). Comprehensive quality testing of Elan South coal on samples from the 2018 exploration program, combined with review of substantial historical testwork data for the broader Elan Project, has confirmed Tier 1 HCC quality.
The initial focus for development is the Elan South area, which is located approximately 13 km from an existing rail line with significant excess capacity, providing direct rail access to export terminals in Vancouver and Prince Rupert. Elan South shares its southern boundary with Riversdale Resources Grassy Mountain Project, which is in the final permitting stage for a 4.5 Mtpa open-cut HCC operation. Around 30km to the west, Teck Resources operates five mines (the Elk Valley complex) producing approximately 25 Mtpa of premium HCC for the seaborne market.
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