Resource Generation (ASX: RES) will raise $30.7 million via a 1 for 1 non-renounceable entitlement issue at 40 cents per share. The issue is fully underwritten.
Funds raised will be used to continue development of the Waterberg One Coal and Ledjadja Coal projects in South Africa, in particular to secure land for mine infrastructure and to assist in the completion of a bankable feasibility study.
RES aims to develop its open cut coal mine in the Waterberg and the raising is designed to secure title to the most important properties where the future mine and its related infrastructure will be sited.
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