Australia-based mineral exploration and development company Attila Resources Limited has announced that it has secured A$14 million through a capital raising to finance the acquisition of the Kodiak coking coal project in the Cahaba coal basin in Alabama, USA.
The company expects to complete due diligence, legal documentation and exercise the option to acquire the Kodiak project on or around the coming June 27.
As SteelOrbis previously reported, in May this year Attila Resources entered a binding heads of agreement to secure the mining rights to two coal seams. The mine is estimated to have an exploration target of 80-100 million mt of hard coking coal.