The mine is estimated to have a resource of 1.57 billion tonnes of high grade (HG) and ultra high grade (UHG) anthracite coal.
Atrum said: "One for 17 fully underwritten, non-renounceable, pro-rata entitlement offer of new shares in Atrum at $0.50 per new share, together with one new free option for every two new shares subscribed for under the Entitlement Offer. Each new option is exercisable for one share at $0.80."
The funding is expected to be used for bulk sample collection at the project for potential offtake customers.
Atrum also plans to advance the high-wall scoping study to a prefeasibility study level and cover general corporate costs.
The company has also discretion to raise additional $1m under the Discretionary Placement, if the company receives interest from third party investors.
