Atrum strikes while the iron is hot

Coal miner Atrum Coal has raised A$20-million through a two tranche share placement to progress its Elan hard coking coal, in Alberta Canada, taking advantage of the spotlight cast by a recent takeover offer for its neighbor Riversdale Resources.

Hancock Prospecting last week announced an A$2.20 a share all cash offer for the unlisted Riversdale Resources, with the company prepared to increase its offer price to A$2.50 a share once its shareholding in Riversdale reached more than 50% before the close of the offer.