Eastern had a total of 98.4 million options on issue and said remaining holders have until the end of this week (5.00pm, June 30) to exercise their options.

Funds raised by this exercise are expected to further Eastern’s growth strategy of development and acquisition of coal projects in Australia and New Zealand.

Eastern Corporation chairman Gordon Smith said the company had announced its intention to purchase a second operating coal mine in New Zealand’s South Island in April and had recently completed an exploration drilling program at its Whareatea West coking coal prospect, near the existing Cascade mine.

Drilling was interrupted on several occasions due to extreme weather conditions; however, it is now complete and results are expected to be released in the coming months.

“In Australia the company is continuing to pursue coal opportunities in conjunction with developing the Broughton coking coal project adjacent to Rio Tinto’s Hail Creek mine in Queensland’s Bowen Basin,” Smith said.

“The directors of Eastern recommend that shareholders exercise their options to support the strategy to expand Eastern into a significant energy company.”