Argonaut acted as Lead Manager and Bookrunner to successfully raise $22 million for Atrum Coal Limited at an issue price of $0.23 per share by way of a two tranche placement (“Placement”) in 2020. The funds were used towards the Elan Coal Project as well as for infill and exploration drilling and coal quality testing at the site. A previous transaction included an $8.0 million Two Tranche Placement and a $2.6 million 1 for 5 non-renounceable Entitlements Offer (“Entitlements Offer”) at an issue price of A$0.10 per share in 2018 which was heavily oversubscribed by existing and new domestic and international institutional investors.
Atrum Coal Limited (ASX:ATU) is a metallurgical coal development company whose flagship venture is the wholly-owned Elan Hard Coking Coal Project in the Crowsnest Pass area of southern Alberta, Canada. This project hosts large-scale, shallow, thick, Tier 1 hard coking coal (HCC) deposits of the Mist Mountain Formation. Atrum Coal Limited is also engaged in the Groundhog and Panorama Anthracite Projects in northern British Columbia, Canada.
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