Intra Energy Corporation (ASX: IEC) is raising up to $3.1 million through a partially underwritten share purchase plan to purchase mining equipment for the Tancoal and Nkhachira mines in Tanzania and Malawi.
The equipment will allow the company to improve continuous supply of coal and reach mine capacity.
Funds will also be used for supply chain and logistics initiatives as well as further exploration.
The Share Purchase Plan offers shareholders up to $15,000 worth of shares priced at $0.10 each.
This will be partially underwritten by Aspac Mining Limited, Farjoy Pty Limited, Cobblyn Investments Pty Ltd, D & H Mason Investments Pty Ltd, Rothstein Pty Ltd and Lujeta Pty Ltd.
Tancoal is emerging as pre-eminent supplier of coal to industrial customers in the Eastern Africa Region, displacing expensive imported coal in current operation.
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