The company is seeking shareholder approval to raise at least $5M at the AGM on Nov 23 (it's on the Notice of Meeting released two weeks ago). Feedback from the market last week suggested ATQ could easily raise more money if required, and I'm sure the board will look at that option closer to the time.
At this time I can't specify the price or the means by which the next capital raising will take place. Once the ATQ board makes a decision on this, we'll inform the market via ASX announcement.
As for binding contract on power station, I can only say that ATQ MD Clinton Cain has held discussions with several potential contractors, and visited India to see one of the potential contractors' operations a couple of months ago.
I'm unable at this time to provide any further information on when a binding contract will be signed. ATQ management are very conscious of the importance the market will attach to a binding contract that sets a price for the sale of coal to the power station, and determines what, if any, free-carried equity interest ATQ will earn in the power station.
Just to clarify your clarification; ATQ currently has 40.2 million tonnes of JORC Proven RESERVES of high grade thermal coal at Mbalawala plus 251 million tonnes of JORC resources.
ATQ Price at posting:
24.0¢ Sentiment: None Disclosure: Not Held
