Bathurst Resources has successfully completed a $A55 million ($NZ74.6 million) capital-raising and yesterday resumed trading on the stock exchange.
Bathurst shares resumed trading yesterday following a trading halt since Monday, starting at $1.70 but declining to about $1.64. Since December, Bathurst shares have leapt in value by more than 70%.
Craigs Investment Partners broker Peter McIntyre yesterday said the decline on reopening was not surprising, as he expected a dilution of share value with 52.4 million new shares issued representing 8.5% of Bathurst's issued capital.
Bathurst bought the assets and permits of Brookdale Assets for $A12 million ($NZ16.2 million) plus 15 million Bathurst shares (estimated to be worth $A15.75 million) at the discounted $1.05 per share offer.
The balance of the $A55 million will be used for exploration, capital expenditure and working capital. Bathurst now has access to 540ha of tenements north of Westport on the West Coast and hopes to begin mining the specialist hard coking coal by the end of the year.
