Jameson Resources raises $5.3M for coal project

• Jameson Resources completed an institutional equity raise to secure $5.3 million in capital.
• The placement and entitlement offer was priced at $0.035 per share.
• Proceeds will fund environmental assessments and project management for the Crown Mountain Project.

Jameson Resources (ASX:JAL) has secured $5.3 million through an institutional entitlement offer and placement. The capital raise priced new shares at $0.035 each.

“We are pleased with the strong support received from existing shareholders and new investors,” said Jameson Resources Managing Director Michael Gray.

Existing shareholders took up $1.2 million, while shortfall allocations and oversubscribed placements added $2.5 million and $1.6 million, respectively.

The company stated that funds will support its Crown Mountain Steelmaking Coal Project while a retail offer opens on Sept. 6.

Following the announcement, the Jameson Resources share price was down at $0.044.

The Canadian-focused coking coal explorer is advancing environmental approvals and indigenous engagement in British Columbia.

The junior miner holds core assets in the Elk Valley and Peace River coal fields.