The Company intends to raise gross proceeds of approximately between USD 40 million and USD 62.5 million from the Offering.
Net proceeds from the Offering will finance the Company’s development program, including:
The modernization and development of existing mines to increase coal production via both an increase in mining efficiency and an increase in the number of working longwalls.
The construction of two dense-medium enrichment plants to process coal recovered from waste dumps and tailings dams.
The acquisition and development of the Roskoshniy and Krasnoluchskaya Severnaya coal deposits to increase the Group’s total coal resources under control from 23.1 million tonnes to 122.2 million tonnes.
Any proceeds from the Offering exceeding USD 50 million will be directed for working capital financing and/or partial repayment of debt.