The Perth-based company said the placement of 125 million new shares was over-subscribed.

“Shares were keenly sought by both professional and sophisticated investors in Australia, Asia and Europe,” Bathurst said.

Hong Kong-listed Regent Pacific has become a significant stakeholder with a 19.7% shareholding in Bathurst.

The explorer formally signed off on a purchase and sales agreement for the Buller project with L&M Holdings.

Of the funds raised, $US5 million will be used as a deposit on the project purchase while the rest will go towards the underway definitive feasibility study and working capital.

“The company is now fully funded and does not anticipate raising further capital until it seeks to complete the purchase of the Buller project by way of payment of a further $US35 million,” Bathurst said.

The acquisition is expected to be completed in either the September or December quarter.

A capital raising is planned after the DFS is completed, along with mining and environmental approvals.

The company said offtake arrangement negotiations had begun.

The project area spans 10,000 hectares in permits that “largely surround” Solid Energy’s 2 million tonne per annum coking coal Stockton mine.

Bathurst aims to start producing coking coal from the open cut project in late 2011.

The company’s shares were unchanged at 19c on Friday.