The fund raising has been done as the company has started negotiation for debt financing to advance construction of Buck Creek No 1 mine in the US.
Baobab Asset Management supported the share placement process and the proceeds will also help the company in pre-development activities at the mine.
The Buck Creek Project is located within McLean and Hopkins Counties in Kentucky and according to the estimate; it can produce 3.8-million tonnes of coal per year during its 18 years of mine life.
Paringa president David Gay said: "We have a very active year ahead, and securing these high quality US institutional investors is a very positive step for the Company, which underlines the Buck Creek No.1 Mine’s scale and potential to become one of the next strategic sources of premium coal in the US.
"It’s also pleasing to see my fellow Directors participating in the Placement which further reinforces the quality of the Buck Creek No.1 Mine."
