Bathurst Resources Ltd (ASX:BRL) Announces A$34.4 Million Institutional Placement
Institutional Placement Details
Bathurst Resources Ltd (ASX:BRL) has secured firm commitments to raise approximately A$34.4 million through an institutional placement at A$0.74 per new share. This placement involves the issuance of around 46.5 million new fully paid ordinary shares. Cornerstone investors from Southeast Asia have contributed 75% of the commitments, representing 15% of Bathurst’s total shares post-placement.
Financial Position and Use of Proceeds
Following the settlement of the placement, Bathurst will have a pro forma cash position of approximately A$36.3 million. Additionally, the company benefits from its 65% stake in the BT Mining Joint Venture, valued at around NZ$125 million (~A$113 million). The raised funds will primarily support the advancement of Bathurst’s Buller and Tenas metallurgical coal projects, including progressing through key project stages and covering working capital needs.
Share Purchase Plan (SPP)
Alongside the placement, Bathurst will launch a Share Purchase Plan to raise up to A$3 million at the same price of A$0.74 per new share. Eligible existing shareholders in Australia or New Zealand can apply for up to A$30,000 worth of new shares without incurring brokerage fees. The SPP is set to open on April 2, 2025, and close on April 16, 2025.
Executive Comments
Richard Tacon, Chief Executive Officer of Bathurst Resources, stated, “We are extremely pleased to announce this transformational capital raising for Bathurst. With our strong cash backing from this equity raising adding to the capital strength of the BT Mining joint venture, Bathurst is very well placed to deliver its critical development projects and to achieve our targeted production levels of over 2.5Mtpa of metallurgical coal.”
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