Argonaut has acted as Lead Manager, Sole Bookrunner and Underwriter to Paringa Resources Ltd (ASX: PNL) (“Paringa”) in respect of an underwritten A$30.2 million equity raising comprising a Placement to raise approximately A$7.0 million and a 1 for 3 Accelerated Non-Renounceable Entitlement Offer to raise approximately A$23.2 million.
The proceeds will be applied to completing the construction of the Poplar Grove Mine, including an optimised coal seam access, upfront equipment lease payments and for general working capital purposes. Refer to the Equity Raising Investor Presentation dated 17 May 2018 for further details.
Argonaut is delighted to provide ongoing support to Paringa and looks forward to working with the Company as it transitions to being a coal producer.
Additional information regarding Paringa can be found on the Company’s website at www.paringaresources.com.