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White Energy said it will use the capital raised to bring its technology to commercialisation, "with a particular focus on development opportunities in the United States".
The notes are convertible into ordinary shares at $3.44 per share - a 20% premium to White Energy's 30-day average closing price.
The Binderless Coal Briquetting process reduces the moisture content of low-value coals while significantly upgrading the energy content.
The company is currently constructing a plant in Indonesia under a five-year joint venture with Thiess subsidiary PT Thiess Contractors Indonesia.
