Draig – which was formerly called C@ – raised the funds via the issue of 34 million shares under priority and general share offers.

The funds enabled the purchase of eight Mongolian coal licences through the acquisition of BDBL, a subsidiary of Peabody-Winsway.

The tenements are located in Mongolia’s Ovorhangay and South Gobi provinces and cover approximately 625sq.km.

They are close to existing producing assets and infrastructure, with energy-hungry China located across the country’s border.

The company recently revised its $28 million capital raising, blaming unfavourable and adverse market conditions for lowering its target to $17 million.

Draig managing director Mark Earley said the capital raising provided the company with sufficient funds for its 2012 exploration program and the opportunity to purchase more coking coal assets in the future.

“We now have the financial capacity to move forward with the development of what we believe will be a very good quality coal project,” Earley said.

“We will continue drilling through the coming Mongolian winter months, with the aim of establishing a JORC-compliant resource on the project early this year.”

The company has started a geophysical survey to identify the potential black coal extensions within the Teeg licence, located in the Ovorhangay province.

The survey will enable Draig to identify key drilling targets for its 2012 exploration program, which will commence immediately after completion of geophysics analysis work.

A former optical company, C@ changed its name to Draig Resources to more accurately reflect the proposed future operations and market focus of the company.