Rey Resources has completed a $4 million share placement for its Duchess Paradise coal project in WA's Kimberley region.
The company announced today the placement of 28.6 million ordinary shares at 14 cents per share to sophisticated and institutional clients of Perth broker Euroz.
Rey Resources managing director Kevin Wilson said the funds raised would ensure the company could progress the permitting and approvals required for the Duchess Paradise coal project, while maintaining a sufficient level of working capital.
“We continue to advance discussions with several parties who have expressed interest in becoming partners in the Duchess Paradise coal project,” he said.
Rey shares were down 3.5 cents to 15 cents at 11:49am WST.