AFR seeks funds to advance coal projects

Through the placement, AFR’s major shareholder, Sentient Executive will acquire 14.9 million shares to take their ownership to a 19.9 percent stake. The capital raising will comprise a $1.5 million placement and a $3 million non-renounceable entitlement, priced at $0.085 per share. The Sentient group manages over $2.7 billion in the development of metal, mineral and energy assets across the globe.
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The AFR directors are also showing their support, with entities associated with them agreeing to purchase 2.4 million shares in the placement.
Eligible shareholders will be given the opportunity to participate in the capital raising on the same terms as the placement via a non-renounceable rights issue, and will be able to participate in a shortfall facility and apply for new shares in excess of their pro rata entitlements under the rights issue,” reads the note.