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Last month Caledon closed its $15 million public offer oversubscribed after strong Australian institutional and retail investor demand.
Caledon now has 196 million shares on issue, including those previously admitted to trading on London's AIM. The shares are exchangeable between the two markets.
Caledon operates the Cook underground mine in Queensland’s Bowen Basin and related processing and infrastructure facilities.
Funds from the offer will be primarily used to continue to upgrade the Cook operation, which is the only mine in Australia to use the Magatar Linear Mining System.
“The system has attracted a great deal of mining industry attention due to the anticipated productivity improvements for underground resources not suitable for longwall mining," Caledon managing director Mark Trevan said.
Caledon is also the Australian, Indonesian and New Zealand agent for the intellectual property owner of the mining methodology.
Caledon is targeting 900,000 tonnes to 1.1 million tonnes per annum of which 80% is coking coal and the remainder thermal coal.
The company is also progressing the evaluation of the nearby Minyango deposit.
Caledon was trading at $2.98 midday today.
