(MENAFN- ProactiveInvestors) (ASX:EQE) has raised $330000 through a share placement to fund initial drilling at the Mina Rica thermal coal project in Chile and for working capital.
The company is placing 33 million shares priced at $0.01 each to professional and sophisticated investors.
It is also seeking shareholder approval for directors to subscribe for 2.5 million shares to raise a further $25000.
Mina Rica is located adjacent to existing infrastructure including a deepwater port lowering capital needed to commence production.
Chile currently imports 80% of thermal coal needed for power generation and the government expects thermal coal demand to double in the next several years.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.