Australian Pacific Coal completed a placement, raising $3.6 million in new funds at an offer price of 90 cents per new share.

The placement will address ongoing working capital needs while awaiting the finalisation of the Dartbrook Project's restart debt funding package.

$3.4 million of short-term shareholder loans and accrued leases will be converted into equity. The total funds raised amount to $7 million.

The share issuance is expected on Dec. 29, with trading due to commence on Jan. 2, 2024.