BRISBANE law firm HopgoodGanim Lawyers has advised MetroCoal Limited on the placement of 35 million shares to institutional investors.

The placement, which will raise $10.5 million before costs, will enable MetroCoal to accelerate its exploration activity and infrastructure commitment across its Australian tenements, particular in the Surat Basin.

According to HopgoodGanim partner Michael Hansel, who led the team advising on the transaction, the Surat Basin is under the microscope of the investment market following New Hope Corporation’s takeover bid for Northern Energy Corporation, another client of HopgoodGanim.

Earlier this year shares in the junior coal explorer soared after it announced a $30 million joint venture deal with a subsidiary of China National Coal Group Corp.

In April this year, MetroCoal shares went up seven cents, 33.33 per cent, at 28 cents. China Coal Import and Export Company acquired a 51 per cent interest in MetroCoal’s EPC 1165 Columboola coal exploration permit in Queensland’s Surat Basin as part of the agreement.

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“MetroCoal has proactively sought to raise money at the right time, and is in a prime position to take advantage of the significant infrastructure developments in the Surat Basin area," Hansel said.