Balamara Resources bags USD 5 million for Nowa Ruda Coking Coal project in Poland.

Proactive Investors reproted that Balamara Resources has secured a USD 5 million direct equity investment into its flagship Nowa Ruda Coking Coal Project in Poland to underpin ongoing resource drilling and feasibility works.

Balamara's major shareholder, Hong Kong-based Ample Skill, has agreed to invest USD 5 million into Balamaras local Polish subsidiary, Coal Holdings, which holds the rights over the Nowa Ruda Project.

The transaction will be subject to shareholder approval with funds to be transferred over a period of three months; USD 3 million post approvals and USD 1 million to be made each subsequent month thereafter.

Once completed, this investment will give Ample Skill a direct 15% equity interest in the Nowa Ruda Project along with a 37% stake in Balamara.


STEELGURU