Coal

Sydney Morning Herald reported that shares of Nucoal (ASX:NCR) increased after it announced it would purchase the Plashett Coal Project.

As quoted in the market news:

To fund the acquisition of Plashett, Nucoal will issue shares in three tranches. Initially Nucoal will sell 35 million shares worth $10.5 million, or 30 cents each. In the second and third tranches an unspecified number of shares, worth $29.25 million and $36.25 million respectively, will be issued once the coal resources are confirmed.

Click here to read the full Sydney Morning Herald report.