The company closed at A35.5c after opening at 36.5c and reaching a high of 41c. The company’s prospectus offered 100 million shares at 20c each to raise $20 million to fund exploration efforts and earn interests in coking and thermal coal projects in Mongolia.

Through joint ventures, Hunnu already has interests and agreements in coking coal basins in southern and eastern Mongolia with access to infrastructure and Chinese coal markets.

Hunnu has acquired a 60% interest in the coal rights on two projects in the South Gobi Province and has committed to staged payments and expenditure to maintain its rights.

The projects are 220 kilometres from the Chinese border, and a coal-loading facility with mine permitting has already started.

Hunnu plans to start a drilling program at the project with the funds from listing.

In the Gobi Altai Province, Hunnu has the right to earn a 70% interest in coal rights at two projects through staged payments and expenditure.

At the Tsagaan Delger project, Hunnu Coal has a right to earn an 85% interest in the tenement, located 25km from railway that connects Russia and China.

The company has a right to earn an 85% interest in the Delgereh project, 50km from the Chinese border.

It also has a right to earn an 85% interest in the Munh Haan project. Hunnu already has a 60% interest in the nearby Nariin and Khavtsal projects, 200km from the Chinese border.