African Energy Resources raises AUD 15mn.

By bne IntelliNews July 19, 2011
African Energy Resources Limited said it has raised up to AUD 15mn through an oversubscribed placement of 30mn new ordinary shares to advance its Sese coal project in Botswana. The new shares were primarily placed with institutional investors from Asia, Europe and Australia, the company said in a statement. A total of AUD 6mn of the attracted funds will be spent on feasibility studies at the companys wholly-owned Sese coal project in eastern Botswana. The funds raised will allow the company to substantially advance the Sese coal project with a view to potential development in late 2012, the company said.

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