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The funds will also be used for first-pass exploration in Tanzania and a minor drilling program at the company’s Specimen Reef project in the Australian state of Tasmania.
Independent consultants have reported an inferred thermal coal resource of 42.2 billion tons at Takatokwane, a 500sq.km landholding 200km west of the Botswana capital of Gaborone.
In November 2011, the company announced the Takatokwane resource had a 57% yield giving a washed resource of 2.4Bt.
A scoping study of the area is underway.
Nimrodel managing editor Chris Mason said the funds would play a vital role in the development of the company’s southern African project.
“Results of our scoping study are due in late March and the funds raised here will ensure that we are sufficiently funded through completion of an infill drilling program and the pursuant prefeasibility study,” Mason said.
