Aquila is looking to place around 8.5 million new shares at $6.35 each with undisclosed Australian and international investors, and has entered into an agreement with Haywood Securities to place shares in Europe and North America.
The company said the funds would be used for exploration and development of its iron ore and coal projects, but specific details remained scarce and MiningNews.net was unable to reach Aquila chairman Tony Poli, who is in transit to Melbourne, for comment.
Aquila has a portfolio of coal projects in Queensland and Africa, including the advanced 135 million tonne Isaac Plains project in the Bowen Basin, and a number of iron ore projects in Western Australia.
The company also has strategic ties to AMCI Group and Brazilian mining giant CVRD.
Shares in Aquila hit a 52-week low of $1.72 in May before gaining ground to hit a 52-week high of $7 earlier this month. The stock remained unchanged during morning trade at $6.70.
