Coronado Global Resources is raising $250m in an institutional placement and entitlement offer through Credit Suisse, GoldmanSachs, Citi and Bell Potter at 60c per chess depositary interest.
The company will use the proceeds to pay down debt.
Coronado will secure $145m through the placement and $105m through a non-renounceable entitlement offer, where shareholders will secure two new chess depositary interests for every 11 held.
There will be 175.7m new CDIs issued under the entitlement offer and 241.6m under the placement, equating to a quarter of the existing shares on issue.
The price of 60c per chess depositary interest is a 27.3 per cent discount to the last closing price of 82.5c.
DataRoom first tipped on August 11 that an equity raising was expected to be on the cards and also first flagged that the group was expected to raise equity at between 60c and 70c per share.
Shares were placed in a trading halt on Wednesday as the advisers initially went in search of about US$150m from equity investors.
Energy and Minerals Group, which holds almost 80 per cent of the stock, will not participate in the raise.
Coronado is in need of cash, with its market value at $807.4m and net debt of $US404.9m.
The miner, with assets in Australia and the US, delivered its results last Tuesday, handing down a $US123.2m loss.
Earlier, DataRoom revealed on August 6 that the company was in talks with its lenders.
The company confirmed the talks while delivering its results last Tuesday, saying that in May, it received a waiver agreement from its lenders until February after its value had drifted lower from the $3.87bn Coronado was worth when it listed about two years ago.
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