Coal explorer Carabella raises $29m

Coal explorer Carabella Resources says it has raised $29 million via a significantly oversubscribed placement to institutional and sophisticated investors, AAP reported:

The company placed 16.08 million shares at a price of $1.80 per share to investors from Australia, Asia, Europe and United States.

Carabella shares were five cents higher to $2.24 at 1250 AEDT.

The proceeds of Friday’se placement will be used to fund the next 12 months of Carabella’s exploration and development program at its flagship Mabbin Creek tenement in Queensland’s Northern Bowen Basin.