Australia-based miner Jameson Resources has announced that it received binding commitments from existing shareholders and sophisticated investors for a two-tranche placement of approximately 100 million new shares at A$0.035 each. Jameson Resources will use the raised capital to fund continued progress toward environmental approvals and indigenous engagement for the Crown Mountain project, along with other operational costs.
According to miner’s feasibility study, the project will tap into a mine at Canada’s Crown Mountain, located north of North Vancouver, with a potential of 90.2 million mt of coal and a 15-year mine life. Jameson Resources plans to produce 86 percent of the mine reserves as hard coking coal.