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The announcement to the ASX by Tiaro Coal was made on Friday, November 21.
Maryborough Coal Limited is seeking to raise $2.5 million via the issue of 12.5 million fully paid ordinary shares at 20c per share.
The company was incorporated on August 7 and aims to acquire a 25% stake in EPC 972 in southeast Queensland from Tiaro Coal subsidiary Tiaro Energy and to prove up a minimum 20 million tonne coal deposit.
EPC 972 covers an area of around 285 square kilometres and the company’s namesake coal project is some 250km from the Gladstone Port terminal.
