New Horizon Coal Limited announced that it expects to receive AUD 1.73 million in funding.
On the same day the company announced that it will issue additional 3,375,000 shares for which the commitment has been received by Carl Coward, director of the company or his nominee. These shares will be issued in the second tranche of the transaction. The company will raise AUD 2,000,000 in this transaction.
On February 11, 2013, the company closed the first tranche of the transaction. The company issued 17,875,000 shares for gross proceeds of AUD 1,430,000.
On March 28, 2013, the company announced that the transaction was approved by the shareholders of the company at the general meeting. The company will issue a total of 7,125,000 shares in the second tranche. The round will include participation from directors of the company, Gary Steinepreis, Carl Coward, and Mark Sanders. Gary Steinepreis or his nominees will subscribe for a maximum of 1,250,000 shares, Carl Coward or his nominees will subscribe for a maximum of 5,250,000 shares, and Mark Sanders or his nominees will subscribe for a maximum of 625,000 shares in the transaction.