Placing to UK based institutional investors to raise £3.2 million for the further development of Prairie’s Polish Coal Projects
Prairie Mining Ltd is pleased to announce that it has placed 11,500,000 new ordinary shares in the capital of the Company at a price of 28 pence per share to raise approximately £3.2 million before expenses.
The net proceeds from the Placing, which is in response to demand for the Company’s shares from UK based institutional investors, will be used for the further development of the Company’s Polish coal development projects. In particular, the Placing will enable Prairie to accelerate the development of its Debiensko Hard Coking Coal project for which the results of a positive scoping study were recently announced, including additional drilling in support of Feasibility Study work. In parallel, Prairie is also on track to complete a Bankable Feasibility Study in the second half of 2017 for its Jan Karski Mine, for which the proceeds of the Placing will be partly applied to advance pre-construction engineering works such as the provision of high voltage power supply to the mine site area, and the permitting processes.
Source: Prairie Mining Ltd