Argonaut, as Underwriter to the Entitlements Offer, has successfully raised A$1.97 million for Acacia Coal Limited (ASX: AJC) (“Acacia” or “the Company”) via a non-renounceable pro rata fully underwritten offer of new shares at an issue price of $0.003 each on the basis of 1 new share for every 2 shares held together with a placement to sophisticated and professional investors.
Proceeds of the capital raising will be used to pay for costs associated with the due diligence on, and the advancement of the Riversdale Anthracite Colliery (RAC), a premier anthracite project in South Africa and subject to the acquisition proceeding, additional planned expenditure on the RAC as well as planned expenditure on the Company’s Comet Ridge Coal Project and general working capital purposes.
Argonaut is delighted to provide support to Acacia and looks forward to continue working with the Company.
Additional information regarding Acacia and the capital raising can be found on the Company’s website at www.acaciacoal.com.
