Atrum Coal NL (ASX: ATU), which is developing metallurgical coal reserves in British Columbia, said July 24 that it has successfully launched an IPO on the Australian Securities Exchange.
The offering was of 45.5 million shares, at A20 cents apiece, for a total of A$9.1m raised (before expenses). The company said it plans an aggressive exploration and development program for its British Columbia properties.
The company’s “flagship” is the 100% owned Groundhog Project, which consists of 19 coal exploration licenses located in close proximity to key mining infrastructure including rail, port, road, power and water facilities. Located in the Groundhog Coal Basin, which forms part of the Bowser Basin in northwestern BC, it is about 890 kilometers northwest of Vancouver and 300 kilometers northeast of Prince Rupert.
A rail easement constructed by the BC government traverses the southern portion of the tenement providing access to within 5 kilometers of the Groundhog project. Access to the rail easement provides the project with access to a nearby rail siding that is located approximately 30 kilometers south of the project area which provides for a direct line to the Port of Prince Rupert. A recent investigation carried out by AMC Consultants Pty Ltd. has delivered a maiden inferred mineral resource of 50 million tonnes compliant under the Joint Ore Reserves Committee (JORC) code and an exploration target of 390 million to 510 million tonnes.
Further down on the company’s priority list are the Naskeena, Peace River and Bowron River coal tracts, also located in British Columbia.