The placement is subject to shareholder approval and on the same terms as the recently arranged placement to sophisticated investors at 1c.
Moultrie will oversee the primary seven-hole drilling program at the Bowen Basin project, acquired by Rio Tinto.
This raises an additional $100,000, and Moultrie Group will also receive 5 million free-attaching 2c options expiring December 31, 2017.
Funds raised from the placement will be used for further coal exploration activities in the Bowen Basin.
Mozambi is targeting three deposits - from 20-50 million tonnes of coal - that are shallow enough to open cut in multiple benches.
Based on the coal exploration target and drilling catalysts ahead Proactive Investors Australia predicts value accretion to $0.021-$0.028 for Mozambi within 6-9 months.
