Proactiveinvestors Australia Atrum Coal NL Proactiveinvestors Australia Atrum Coal NL RSS feed en Wed, 19 Jun 2019 07:24:23 +1000 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - Atrum Coal raises $20 million in new equity funds to progress Canadian Elan Hard Coking Coal Project ]]> Atrum Coal Ltd (ASX:ATU) has raised around $20 million new equity funds through the issue of 114.3 million ordinary shares in a two-tranche placement at the issue price of 17.5 cents per share.

The placement was well supported with strong demand from institutional and sophisticated investors based in Australia and internationally, which has allowed the introduction of several new institutional investors on to the Atrum share register.

The funding will be primary applied towards accelerated drilling and evaluation activities at the Elan project.

“Strong level of demand” for this equity raising

Atrum managing director Max Wang said: “We are highly encouraged by the strong level of demand received for this equity raising.

“We believe it highlights a rapidly growing appreciation for the underlying value potential of our flagship Elan Hard Coking Coal Project in Alberta and we are now well funded to accelerate our drilling and evaluation activities across multiple project areas.”

Enlarged 2019 field program

Atrum’s flagship Elan Hard Coking Coal Project consists of several large hard coking coal deposits in the southwest of Alberta, Canada.

The funding will allow for an enlarged 2019 field program with the potential to undertake multiple drilling campaigns in parallel on Elan South and Isolation South.

The approach aligns with Atrum’s belief that the total footprint of the Elan project, combined with its thick, shallow and high-quality coal seam deposits, demonstrates potential for it to host multiple tier-one coking coal developments.

Planning for the field program is well advanced with the next round of drilling expected to begin during the June quarter.

Placement details

Tranche-one of the placement is being conducted under ASX listing rules 7.1 and 7.1A, which will raise around $14.6 million via the issue of around 83.2 million shares.

This comprises about 47.2 million shares to be issued under ASX listing rule 7.1 and about 36 million shares to be issued under ASX lisitng rule 7.1A.

Settlement of tranche-one of the placement is expected to start on March 18, 2019.

Tranche two of the placement will raise around $5.4 million via the issue of about 31.1 million new shares, subject to shareholder approval to be sought at an Atrum general meeting expected to be held on April 15 2019.

Fri, 08 Mar 2019 01:36:00 +1100
<![CDATA[News - Atrum Coal boosts hard coking coal resource by 170% at Canadian project ]]> Atrum Coal NL (ASX:ATU) has increased coking coal resources at the Elan South project in Alberta, Canada, by 61 million tonnes, or 170%, to 97 million tonnes.

There are 31 million tonnes in the indicated category and 66 million in the inferred category.

Elan South’s JORC-compliant resource compares to the adjacent Grassy Mountain project of Riverside Resources Inc (CVE:RRI), which contains 195 million tonnes.

“Excited by substantial increase”

Atrum Coal non-executive chairman Charles Blixt said the company was very excited by the substantial increase.

“The combined 97 million tonnes of indicated and inferred resources has validated our belief that Elan South holds substantial hard coking coal resources.”

Encouraging coal quality results

Blixt said the company was equally encouraged by initial results from a detailed coal quality test-work program – confirming a low ash, high yield, low sulphur, hard coking coal.

“Both outcomes strongly reinforce Atrum’s strategy of rapidly advancing Elan South towards potential development as a premium hard coking coal operation.”

He said Elan South represented just one targeted development at Elan in the Crowsnest Pass area of Alberta.

Estimates for other deposits expected

Updated JORC resource estimates for other deposits are expected in late January while detailed coal quality results are expected in the coming weeks.

The Elan Coking Coal Project comprises several different project areas known to contain shallow emplacements of high-quality coking coal.  

The 2018 program focused on Elan South where seven exploration boreholes were previously drilled in 2014.

Cumulative work totaled 6,900 metres and included seven trenches, 12 reverse circulation boreholes, 20 percussion boreholes, detailed surface mapping and four large diameter cored holes.

Underexplored target areas

The Elan South JORC resource review identified several prospective but underexplored target areas for future exploration.

These include Eastern Elan South, Central Ridge and Cat Mountain.

Eastern Elan South is the primary target area for 2019 with additional boreholes expected at Central Ridge and Cat Mountain.

- Jessica Cummins

Mon, 07 Jan 2019 23:46:00 +1100
<![CDATA[News - Atrum Coal to snap up acquisition ]]> Atrum Coal NL (ASX:ATU) has some acquisition news pending on the table, and the ASX has granted the company a trading halt to prepare.

No further details have yet been revealed.

Atrum held $4.2 million in cash at the end of June 2017.

The halt will remain in place until the opening of trade on Wednesday 23rd August 2017, or earlier if an announcement is made to the market.

Mon, 21 Aug 2017 10:13:00 +1000