The coal explorer successfully raised the funds with the placement of 30 million shares at an issue price of 40c.

It said the placement received strong support from existing investors as well as new investors from the US, Europe and Asia.

The company plans to disperse the funds raised throughout its ongoing exploration program at Rockwood and Talwood, as well as finalising the project evaluation for the Meteor Downs South project and undertaking its environmental approval processes.

Endocoal chief executive officer Tim Hedley said the investment support received from AMCI and Macquarie put the company in a favourable position.

“The overwhelming support from both existing shareholders and new investors represents a strong vote of confidence in Endocoal’s recent successes and future development strategy,” Hedley said.

“In particular, Endocoal is pleased to have the support of a shareholder with the reputation and track record of success as AMCI Capital.

“Their support comes at a time when Endocoal is transitioning from an explorer to mine developer.”

Last December, Endocoal received takeover interest after a number of unsolicited approaches were made by interested buyers at asset and corporate levels.

The Queensland coking and thermal coal explorer appointed Grant Samuel Corporate Finance as its financial advisor.

The company has not yet released any details of a possible corporate transaction.

Endocoal has a number of prospective coal tenements in Queensland, including its Rockwood project.

The tenement has a JORC-compliant resource of 312.5 million tonnes, comprising 44.5Mt indicated and 268Mt inferred resources.