(MENAFN- ProactiveInvestors)
() formerly known as Navaho Gold has raised $515366 at $0.004 per share for the development of its coal fired power station project in Argentina.
The capital raising was carried out as a private placement to sophisticated investors and was supported by the company’s directors and managers via the conversion of fees owed to them for past services.
In January 2016 Dark Horse Resources announced a memorandum of understanding with Sunset Power Pty Ltd to develop a coal fired power station to supply low-cost power to the local region and national grid.
Argentinian electricity supply network presently relies on high-cost imported LNG to meet a major portion of the country’s power demand.
The power project will be a mine mouth power station using coal from Dark Horse Resources' Pico Quemado coal project in Rio Negro Province Argentina.
Dark Horse Resources is considering raising more funds via rights issue to all shareholders to fuel its Argentinian coal power project.
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