TerraCom Ltd has announced the agreement of a AUS$1.1 million placement to three large Eastern European based private investment companies, led by Light Speed Commercial Inc. The company will use its existing capacity under listing rules 7.1 and 7.1A whilst it is available.

The details are listed below:

• The issue price is 90% of the trading days volume weighted average price of TerraCom ordinary shares prior to the Placement Completion Date.
• Placement Completion Date is Thursday 25 August 2016.
• The number of fully paid ordinary shares is the placement proceeds of AUS$1.1 million divided by the issue price.

Mr Cameron McRae, Chairman, commented: “This placement is yet another building block in the company’s funding strategy, which will help deliver the expansion of our Mongolian coking coal mine, acquisition and commissioning of the Queensland thermal coal mine and completion of the potential acquisition of the Indonesia coking coal mine.”

Edited from press release by Angharad Lock