07/10/2013 - 10:41

Attila raises $7m for Kodiak project

07/10/2013 - 10:41

Bookmark

Save articles for future reference.

Subiaco-based miner Attila Resources says it is fully funded to move towards a final development decision on its Kodiak coking coal project following the completion of a $7 million capital raising.

Attila raises $7m for Kodiak project

Subiaco-based miner Attila Resources says it is fully funded to move towards a final development decision on its Kodiak coking coal project following the completion of a $7 million capital raising.

Attila said today it had received commitments from institutional and sophisticated investors to raise $7 million through the purchase of around 11.67 million shares at 60 cents per share.

The placement will be completed in two tranches and is subject to shareholder approval at a general meeting next month.

The funds will primarily go towards the completion of a bankable feasibility study for the Kodiak coking coal project in the US state of Alabama, following Attila's purchase last year of a 70 per cent stake in Alabama-based Kodiak Mining Company.

"We are very pleased with the strong support received for the placement, which ensures Attila remains well funded beyond completion of the bankable feasibility study on the Kodiak coking coal project," Attila executive director Evan Cranston said.

Attila says it is in discussions with potential offtake partners and other finance providers and hopes to complete its bankable feasibility study early next year.

Shares in Attila were unchanged at 70 cents at 10:40AM WST.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options