Coal explorer makes strong debut

BRISBANE-based International Coal has listed on the Australian Securities Exchange at a premium, after raising its maximum subscription amount just four days into its $A9 million initial public offering.
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Kristie Batten

The company’s shares closed at 28c, a 40% premium to its 20c issue price on volume of nearly 6.5 million shares.

International Coal was forced to close its IPO early after overwhelming demand.

The IPO was due to close on Monday with a listing two weeks later but the early close allowed it to fast-track its ASX listing.

Patersons Securities acted as lead manager to the offer.

Of funds raised, the company will use $1.75 million to acquire projects from Birmanie Nominees as well as repaying a $1 million loan from Yilgarn Infrastructure.

International Coal has two projects in the Maryborough Basin and Eromanga Basin in Queensland.

Its main focus is the Bundaberg project in the Maryborough Basin, where it is targeting open-pit hard coking coal

Lawyer Richard Anthon is non-executive chairman, Chinese investment banker Hugh Shao Dai is executive director and former Golden West Resources managing director John Lester is non-executive director.

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