The 5c per share raising lasted about three weeks and attracted investments from existing shareholders, contractors and new investors.

Despite falling short of the $180 million target, Flanagan said he was delighted with the immense vote of confidence in the company, particularly in light of the recent volatile market conditions.

“This is an outstanding result for Atlas shareholders, for the 700 people who rely on Atlas for work and for the state and federal governments that use our royalties and taxes to provide essential services,” he said.

“This raising will strengthen our balance sheet considerably, giving us a measure of further protection against iron ore price volatility and enable the company to take advantage of opportunities as they arise.

“When this is combined with our new, lower cost base, which we are continuing to optimise, I am confident Atlas has a bright future.”

Atlas has restarted mining at its three Pilbara iron ore mines, Wodgina, Abydos and Mt Webber after striking an innovative, less cost-intensive deal with its contractors in May.

Production is ramping up in line with the previously stated year-end production target of 14-15 million tonnes per annum. A forward-pricing strategy will ensure rather stable revenue at least until the December quarter.

Shares in respect of the capital raising are expected to be issued on or around July 24, with

Atlas scheduled to resume trading July 27.

The iron ore spot price jumped 3.4% overnight to $US52.29 per tonne.