Over 54% of the options exercised were done by major shareholders, while director-related entities accounted for 28%, other shareholders 16.2% and some 1% of options lapsed under the exercise program.

“It is pleasing to note the continued commitment of our major shareholders and the directors in taking up their entitlements,” White Energy said in a statement.

In August, White Energy announced it had successfully produced upgraded coal at its binderless coal briquetting plant at Cessnock in New South Wales.

White’s patented process upgrades sub-bituminous coal into a higher energy, more stable and cleaner burning coal briquette.

White Energy shares last traded at $1.60.