Australian Pacific Coal in equity raise to restart Dartbrook mine
Australian Pacific Coal, which saw Nathan Tinkler, Matt Latimore and the Paspaley family lock horns in a heated takeover battle last year, was out pitching a $12 million equity raising to investors on Tuesday morning to restart its Dartbrook mine in Hunter Valley.
Australian Pacific Coal was supposed to be Nathan Tinkler’s comeback but it wasn’t. Tash Sorensen
Stockbrokers Wilsons and Ord Minnett were offering shares at 11¢ apiece across a $4 million placement and an $8 million accelerated non-renounceable entitlement offer. Existing investors could subscribe to for a new share at the offer price for every 4.75 they already held.
The offer price was pegged at a 15 per cent discount to the last close. It was 28.6 per cent lower than the 10-day volume weighted average price and 20 per cent below the five-day VWAP.
The cash call comes after Australian Pacific Coal said it planned to commence mining operations at Dartbrook by end of 2023. On August 17, it told investors it had received a non-binding letter of intent for up to $US50 million in debt funding from commodity trading house Trafigura.
The Trafigura investment was enough to fund Dartbrook’s capex to end of the year at current estimates, the company said at the time.
Bids were due 4pm Wednesday.
Read more on afr.com
