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Equus Mining completed share placement for thermal coal project in Chile


 Equus Mining (ASX:EQE) has raised $330,000 through a share placement to fund initial drilling at the Mina Rica thermal coal project in Chile and for working capital.

The company is placing 33 million shares priced at $0.01 each to professional and sophisticated investors.

It is also seeking shareholder approval for directors to subscribe for 2.5 million shares to raise a further $25,000.

Mina Rica is located adjacent to existing infrastructure including a deepwater port, lowering capital needed to commence production.

Chile currently imports 80% of thermal coal needed for power generation and the government expects thermal coal demand to double in the next several years.