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Raising funds for Chilean mining project

World Coal,

Equus Mining has raised US$330,000 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 US$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 US$25,000.

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.

Edited from various sources by Sam Dodson

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