The fully subscribed IPO, at 25c per share, will help Perth-based East Energy prove up coal resources at its Norwich Park project in the Bowen Basin, and the Blackall property in the Adavale Basin.
East Energy said exploration will begin early next year after securing exclusive use of drill rigs and technical staff through an agreement with Queensland-based Ansett Mining Corporation.
Non-executive chairman Terence Byrt, who last year bought other Perth-based explorer RMA Energy public, said geological fieldwork had already commenced at Norwich Park with more planned for early next year.
"We are ramping up exploration on both our tenements next year with 10,000 metres of drilling planned for our 803 square kilometre Norwich Park project and a full desktop review of the thermal coal exploration program carried out on our 900 square kilometre Blackall tenement in 1974," Byrt said.
"We've also budgeted for drilling to commence at the Blackall project EPC 1149 once granted in the new year."
Upon listing the company will have a market capitalisation of more than $22 million.