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Regal Resources to raise A$2.5M for Coal To Liquids development

Regal Resources (ASX: RER) will place up to 55,560,000 ordinary fully paid shares to clients of Melbourne Capital Limited at an issue price of 4.5 cents ($0.045) per share, raising A$2,500,200 before associated costs.

The shares will be issued pursuant to Chapter 7 of ASX Listing Rules (15% Rule) for the purposes of developing and commercialising the company’s Underground Coal To Liquids (UCTL™), Surface Coal To Liquids (SCTL) and W10 technologies and such processes.

Furthermore, Regal intends to undertake a Share Purchase Plan (SPP) for up to 23 million fully paid ordinary shares at an issue of 4.5 cents ($0.045) per share, raising up to $1,035,000 before associated costs.

Disclosure: The author holds no positions in the company