Following the investment, Dadi will take up to 32 million shares at $0.75 per share after it payed a final funds balance of $21.6 million.

MetroCoal first announced the $24 million share placement on September 6, which proceeded after Dadi received all required Chinese government approval on November 14.

MetroCoal’s shareholders then overwhelmingly approved the placement at the company’s annual general meeting last week.

Dadi’s chairman Dongping Wang will now join the MetroCoal board, while Dadi’s Australian subsidiary managing director Robert Finch will be the alternate director to Wang.

MetroCoal chairman David Barwick said the new investment by Dadi would open up more opportunities for the hopeful coal developer.

“Finalising the placement was an exciting phase in the development of the company’s Surat Basin thermal coal projects,” Barwick said.

“We could not have wished for a more professional partner in Dadi and we look forward to Mr Wang joining our board.”

Part of the funds raised via the investment will be put towards the continued development of its Bundi coal project in the Surat Basin, which is expected to commence longwall mining in 2017.