Atrum Coal Limited (ASX:ATU)
has announced the closure of a $3 million institutional investor discretionary placement.
The company now aims to sell-down part of the Groundhog North Mining Complex in order to raise significant funds to develop a world class anthracite resource.
Atrum says it already has strong interest from various steel mills, trading groups and industrial anthracite users.
Funds from the discretionary placement will be used for general working capital purposes.
Atrum Coal made a $12.2 million loss in the half year ended 31 December 2014.