Intra Energy Corporation (ASX: IEC) has raised $1.5 million from subscriptions and underwriting of its Share Purchase Plan to purchase mining equipment at the Tancoal and Nkhachira mines in Tanzania and Malawi.
The equipment will improve continuous supply of coal and reach mine capacity. Proceeds will also be used for supply chain and logistics initiatives and further exploration.
Bell Potter Securities have been appointed to place the shortfall of $1.5 million.
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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