Attila Resources announced that it has raised US$ 7 million through an overbid placement of approximately 11.67 million shares at US$ 0.60 per share.
Attila is now fully funded to progress the 70% owned Kodiak coking coal project in Alabama, USA, through to a project development decision.
The development stage will include completion of a Bankable Feasibility Study (BFS) on Attila’s Gurnee Property at the Kodiak Coking project, completion of Joint Ore Reserves Committee (JORC) resources on Seymour Property, Upper Thompson and Project X, as well as general working capital purposes.
The recently announced BFS at Kodiak showed that Attila has the potential to deliver hard coking coal at an all in cash cost that is in the bottom 10% of all international metallurgical coal producers.
Attila’s Executive Director, Evan Cranston said: “We are very pleased with the strong support received for the placement which ensures Attila remains well funded beyond completion of the BFS on the Kodiak Coking Coal project. Funds raised pursuant to the placement will also enable Attila to advance our other projects in the Cahaba basin which have the potential to further improve the already robust economics of the Kodiak Coking Coal project.”
Attila expects completion of the BFS at the end of the first quarter of 2014.
Adapted from press release by Katie Woodward