Market Cap, page-78

I think you will find them quite capable

Anthracite play Atrum Coal was in the market on Monday, seeking to raise as much as $10.6 million.

The company has engaged Perth broker Argonaut to oversee a two-tranche placement to raise up to $6 million and a non-renounceable entitlement offer to raise up to $4.6 million, according to terms set to fund managers.

The offer price is 10¢ per share, representing a discount of 9.1 per cent to Atrum's last close and a 17.3 per cent discount to the five-day volume weighted average price.

It's understood Atrum directors will take up to $300,000 of the placement subject to shareholder approval, while major shareholder Lenark Pty Limited is also backing the deal.


Raising proceeds will be used to fund Atrum's acquisition of Canadian firm Elan Coal's coal properties in Alberta.



Argonaut is calling for bids to be submitted by 4pm on Monday.



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