Argonaut acted as Lead Manager to successfully raise approximately A$10.6 million for Atrum Coal Limited (ASX:ATU) (“Atrum” or “the Company”). The Company raised funds from existing and new domestic and international institutional investors by way of a $8.0m Two Tranche Placement (“Placement”) and a $2.6m 1 for 5 non-renounceable Entitlements Offer (“Entitlements Offer”) at an issue price of A$0.10 per share (together, the “Equity Raising”). The Placement was well oversubscribed.
Funds raised pursuant to the Equity Raising will be applied to the Elan Coking Coal Project (“Elan”) acquisition and exploration activities, including drilling and resource delineation, to retire a portion of the Lenark Pty Ltd loan and for general corporate and working capital purposes.
Argonaut is delighted to continue to provide support to Atrum and looks forward to our ongoing work with the Company.
Additional information regarding Atrum can be found on the Company’s website at www.atrumcoal.com