Bathurst Resources Secures AU$34.4 Million to Advance Key Projects

Highlights:

• Successful AU$34.4 million capital raise through an institutional placement at A$0.74 per share.
• 75% of commitments from new South East Asian strategic investors, who will hold a 15% stake post-placement.
• Funds to advance Buller and Tenas projects, with feasibility studies, regulatory approvals, and early-stage development.

Successful Institutional Placement

At the time of writing, Bathurst Resources Ltd (ASX: BRL) has secured firm commitments for a A$34.4 million capital raise through an institutional placement. The company is issuing approximately 46.5 million new shares at A$0.74 per share. This funding will bolster Bathurst’s financial position, enhancing its ability to develop its 100%-owned Buller (New Zealand) and Tenas (Canada) metallurgical coal projects.

Strategic Investor Participation

A significant 75% of the placement commitments came from new South East Asian strategic investors, who will hold a 15% stake in Bathurst upon placement completion. Additional backing from existing shareholders and new investors further strengthened the raise.

Capital Strength and Financial Backing

Following the placement’s completion, Bathurst’s pro forma cash reserves will reach approximately A$36.3 million. Additionally, its 65% stake in the BT Mining Joint Venture provides further cash backing of approximately NZ$125 million (A$113 million). This financial stability positions the company well to execute its project development plans.

Utilization of Funds

The raised capital will primarily fund:

• Advancement of Buller and Tenas projects, including feasibility studies and environmental approvals.
• Early-stage works at Buller to align with New Zealand’s Fast Track Approvals process.
• Regulatory progression for Tenas in British Columbia, leveraging existing infrastructure.
• Working capital and transaction costs.

Additional Share Purchase Plan (SPP)

In addition to the placement, Bathurst is launching an SPP for eligible existing shareholders, aiming to raise up to A$3 million at A$0.74 per share. This initiative allows wider investor participation while reinforcing the company’s growth strategy.

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