The Directors of Acacia Coal Limited provide a summary of activities in the September 2018 quarter.
On 23 July 2018, the company held a general meeting of shareholders to seek approval to issue consideration shares for the acquisition of the Mt Windarra and Mt Bruce projects, as well as to approve the issue of placement shares to raise AUS$400 000 as previously announced to the ASX.
All resolutions at the meeting were passed on a show of hands.
Subsequently, on 22 August 2018, the company acquired the Mt Windarra project, comprising one granted Exploration Licence (EL39/1996), through the issue of 43 750 000 consideration shares.
On 9 August 2018, the company completed its private share placement and issued 400 000 000 fully paid ordinary shares at an issue price of AUS$0.001 per share to sophisticated and professional investors. On 27 August 2018, the company lodged a prospectus to undertake a rights issue to existing shareholders to offer up to 2 043 200 834 shares at AUS$0.001 per share on a one-for-one basis, to raise a total of AUS$2 043 201 before costs. The rights issue offer closed on 1 October 2018, with shareholders subscribing for a total of 884 932 075 shares to raise AUS$884 932.
The company, in consultation with the Joint Lead Managers to the rights issue, intends to place the rights issue shortfall shares to raise up to a further AUS$1 158 269 in the coming weeks.
Bell Potter Securities and Nascent Capital are acting as Joint Lead Managers.
The company is planning a programme of works for a maiden exploration programme at the Mt Windarra project and continues to evaluate additional resource projects to add to its portfolio.
Read the article online at: https://www.worldcoal.com/coal/29102018/acacia-coal-third-quarter-activities-report/