Shares were issued to Yishun at 5.15p per share and are part of a package that also includes a zero interest loan of US$10mln.
The money will fund pre-construction costs at the coking and thermal coal project at Makhado in South Africa.
It will also settle obligations prompted by the granting of the new order mining right as well as any triggered by an integrated water use licence, which is expected in due course, said David Brown, Coal’s chief executive.
“The company and Yishun are progressing negotiations to further their potential investment in the project and shareholders will be updated as negotiations between the parties advance."
The plan at Makhado is to build a mine capable of producing 2.3Mtpa of hard coking coal and 3.2Mtpa of thermal coal.