Bathurst buying more coal assets on Buller Plateau

Wednesday 4th May 2011

Australian company Bathurst Resources said it completed a A$55 million (NZ$75 million) capital raising to help fund the purchase of more Buller Plateau coal assets.

The company signalled the non-underwritten institutional placement yesterday. It said today that 52.4 million new shares were sold at A$1.05 per share.

"The placement was strongly supported by new as well as existing institutional shareholders," managing director Hamish Bohannan said.

Bathurst is buying assets, including permits covering an area of 341.6ha, from Robert Griffiths and an associated entity of his, Brookdale Mining.

The Brookdale assets were immediately above Bathurst's operating Cascade mine, and next to Bathurst's proposed Escarpment mine project.

Bathurst is paying for the Brookdale assets in cash and shares.

NZPA

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