Altona plans to develop a 10 million barrel per annum CTL plant with a 560-megawatt co-generation power facility in the Arckaringa Basin region of South Australia.
The $24 million was raised through a share subscription agreement for 240 million new ordinary shares with Hong Kong-based investment company Tongjiang International Energy.
Altona holds three exploration licences covering 2500 square kilometres in the northern region of the Arckaringa Basin, which include three coal deposits.
Previous JORC-equivalent standards suggest these deposits contain more than 7.5 million tonnes.
