Perpetual Resources (ASX: PEC) has completed a successful IPO and the company will hit the ASX boards at 11:30am A.E.D.T. on Thursday 28th February 2013, with a little over 13.2 million shares on issue. Other shares are subject to 12 and 24 month escrow periods.
The IPO offered 10 million shares at $0.20 to raise a minimum of $2 million, with oversubscriptions possible for another $1 million.
Perpetual Resources is aiming to develop multiple coal mines throughout Indonesia and to supply from these mines a high-grade thermal coal export product targeted at China and India's growing demand for coal-fired power generation.
The company has entered into an agreement to acquire rights in relation to a coal mining and exploration tenement in West Sumatra, known as the Atoz Project.
Near term plans include implementing an exploration and development program across the Atoz Project, with an initial exploration budget of US$1,525,000 over 2 years.
The Atoz Project
The Atoz Project covers 192.08 hectares and is located 50 kilometres south of Padang in the central west of West Sumatra, where coal deposits are already throughout the district.
A plus for the project is access, which is via a bitumen road 76 kilometres south of Padang, with the journey taking 2 to 3 hours.
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