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
Read the article online at: https://www.worldcoal.com/exploration-and-development/08012015/equus-mining-raises-funds-for-chile-coal-mining-project-1726/