TerraCom Limited (ASX:TER) has announced it has secured the $13.5 million required to transfer the mining lease for the Blair Athol coal mine in Central Queensland.
The Mongolian and Queensland miner says the funding will not have a dilutive impact on shareholders. But, the funding should satisfy the conditions for indicative approval to transfer the mining lease, so it can then commence mining and rehabilitation services at the site.
Once completed, TerraCom will be well positioned to capitalize on the strong coking coal and thermal coal markets.
Shares in TerraCom Limited (ASX:TER) last traded 6.5% higher yesterday at 3.3 cents.