MicroCoal raises funds to finance RI coal upgrading facility
Wednesday, April 16 2014 - 04:27 AM WIB
Canadian firm MicroCoal Technologies Inc. announced Tuesday that it has closed the first tranche of its previously announced non-brokered private placement in the amount of US$277,963.
The company said in a statement it intends to use the net proceeds from the private placement to advance construction on the Company's first commercial facility in Indonesia for upgrading low rank coals and for general corporate purposes and working capital.
MicroCoal said late last year the coal upgrading facility it was building at PT Wijaya Tri Utama?s power plant in Banjarmasin, South Kalimantan, would come on stream in the second quarter of 2014.
Elsewhere, the company said it will be continuing with the second tranche of the private placement on the same terms and conditions as announced on March 3, 2014.
Editing by Reiner Simanjuntak