Australian Pacific Coal raises $16.5M to fund Dartbrook Mine operations

Australian Pacific Coal (ASX:AQC) has raised $16.5 million through the completion of an institutional placement and the institutional component of its accelerated non-renounceable entitlement offer.

The initiative is part of an $20 million equity raising plan aimed at funding its Dartbrook joint venture.
 
The fundraising effort included a placement to institutional investors, generating $9.6 million, and an institutional entitlement offer yielding $6.9 million.

The retail component is expected to raise an additional $3.5 million when it opens on Oct. 9.

Trepang Services, Australian Pacific Coal's largest shareholder, has shown robust support by committing up to $6 million for the equity raising.

The company intends to use these funds for satisfying financing obligations and general working capital.

"With the placement and institutional entitlement offer completed, the Dartbrook Mine is now fully funded," stated Ayten Saridas, Managing Director and CEO of Australian Pacific Coal.

The Dartbrook Mine, located in Hunter Valley, is poised for a return to commercial production before the end of 2024, supported by a comprehensive financing package.

Australian Pacific Coal is focused on developing and acquiring coal projects. The company's principal asset is the Dartbrook Coal Mine located in the Hunter Valley, New South Wales, approximately 4km west of Aberdeen and 10km northwest of Muswellbrook.

At the time of reporting, Australian Pacific Coal's share price was $0.1675.