TerraCom has announced the finalisation of two share placements worth a combined AUS$2.1 million as the company seeks to establish itself as an independent mining company with operations on three continents.

The company already operates the Baruun Noyon Uul metallurgical coal mine in Mongolia and recently entered into an agreement to buy the Blair Athol mine in Queensland, Australia. It is also developing two further assets in Queensland, as well as evaluating the acquisition of a hard coking coal in Kalimantan, Indonesia.

The company raised AUS1.1 million through a placement to three Eastern European private investment companies led by Light Speed Commercian. It also finalised an AUS$1 million placement to private and institutional clients of Fosters Stockbroking (FSB).

The company recently appointed FSB to provide, corporate and capital market services. In addition to the placement to FSB clients, TerraCom has agreed to issue FSB a total of 30 million unlisted options in two equal tranches in lieu of cash or retainer payments for FSB’s services.

“The engagement of FSB is an important part of the establishment of a strong and diverse investor base, which should build on the interest in Australia and already being generated in Asia and Europe,” said TerraCom’s Chairman, Cameron McRae.

Edited by Jonathan Rowland.