Australian Pacific Coal (ASX:AQC) is raising up to $925,000 to fund further exploration drilling and review of its current projects.
The company is offering shareholders up to $15,000 worth of new shares priced at $0.32 each under a Share Purchase Plan.
Proceeds will also provide working capital.
AQC had recently completed exploration program and initial quality results for its wholly-owned EPC 1859 (Dingo) project located 140 kilometres west of Rockhampton in Queensland’s Bowen basin.
This intersected seams with thicknesses of up to 5 metres within the Rangal Coal Measures.
In addition, coal quality analysis supports the potential for a washed, high yielding ultra low volatile PCI product.
Further studies are underway on secondary target seams and potential working sections.
News: Australian Pacific Coal raising exploration drilling funds
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