Tiaro Coal (ASX:TCM) director Mick Aw has demonstrated his confidence in the company and its Queensland coal projects by subscribing for 46,814,942 shares under the recent rights issue priced at $0.01 per share.
He paid a total of $468,149 for the shares, which takes his total holding up to 69,414,942 shares held indirectly.
Managing director Dan Buckley also participated in the issue, acquiring 500,000 shares for $5,000. He now holds 1.2 million shares held both directly and indirectly.
The company had raised $1.314 million through the rights issue to progress its exploration and project assessment activities, and retire an intercompany loan with subsidiary, Paragon Coal Pty Ltd.
Tiaro holds interests in various Queensland projects covering coal prospects in the Maryborough and Galilee Coal Basins.
The company has been progressing plans to develop a coking-PCI coal mine in Queensland with its T9 West Project Pre-Feasibility Study now at the mine planning and economic analysis stage.
The Mesozoic Maryborough Basin is located between Gympie and Bundaberg in the in the Wide Bay - Burnett region of southeast Queensland.
The region is well serviced by nearby infrastructure, including manpower, mining support services, road, rail and port facilities.
The rail line between Brisbane and Gladstone bisects the basin.
