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Atrum Coal Ltd has raised $20 million of new equity funds. The equity raised is a result of 114.3 million new fully paid ordinary shares in a two-tranche placement at an issue price of A$0.175.

The $20 million raised will go towards the Elan Hard Coking Coal Project, where ATU will focus on extensional drilling, coal quality testing and other studies.

“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. We are now well funded to accelerate our drilling and evaluation activities across multiple project areas at Elan, with a view to rapidly progressing through key feasibility work and towards formal permitting application for Elan South.” Atrum Managing Director, Max Wang, said.

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ATU by the numbers
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