TerraCom has finalised a recent US$1 million capital raising as the company looks to fund its expansion plans. The company recently announced its acquisition of the Blair Athol coal mine in Queensland for AUS$1 from Rio Tinto.
It also plans to expand its Baruun Noyon Uul metallurgical coal in Mongolia and is exploring the acquisition of another metallurgical coal mine in Indonesia.
“This placement is one of the building blocks in our multi-faceted funding strategy”, said TerraCom Executive Chairman, Cameron McRae.
The funds came through a US$1 million placement to Hong Kong-based private investment company, Sea Honour Ltd. Sea Honour is owned by Anthony Steains, CEO of Comprador Ltd and former Head of Blackstone Advisory Partners in Asia and Global Head of Metals and Mining Coverage.
“TerraCom is an exciting emerging mining company with an impressive asset portfolio and project pipeline in a coal market cycle that we believe has turned,” said Stearins.
Final issue price was US$0.0166. The new shares will be issued to Sea Honour in due course.
Edited by Jonathan Rowland.