Kangaroo Resources raises $30m

Burswood-based Kangaroo Resources has raised $30 million for the purchase and development of a number of coal assets in Indonesia.

The company today said it had raised a total of $25 million through two share placements to sophisticated and institutional investors last month and will raise a further $5 million will be raised through a fully underwritten share purchase plan.

Shares in the placement were priced at 25 cents each. Shares in the Kangaroo, which had previously been in a trading halt, fell 6.5c, or 21.3 per cent, to 24c at 11:52 AEDT.

Funds from the capital raising will be used to buy and develop four additional Indonesian coal projects and provide working capital to fast-track production of at least two projects within the next six month.