Prairie Downs Metals plans to raise $6 million through a share placement to accelerate exploration and development at its portfolio of projects, including the Lublin coal project in Poland.
The company said the placement would be priced at 50 cents per share.
Investec Bank acted as lead manager to the placement.
“The funds raised from the placement together with our existing cash reserves and marketable securities will put Prairie in a strong financial position and provide a platform for the company to achieve its goal of establishing a project in the Lublin coal basin and being part of a new strategic source of coal supply for European and Eurasian economies,” executive director Anastasios Arima said.
At close of trade today, Prairie Downs shares were down 1.9 per cent, trading at 51 cents.