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C@ announced its capital raising roadshow on November 22 and was initially seeking to raise up to $A28 million, comprising 28 million shares at $1 per share after a planned 20-for-1 share consolidation.

The company planned to use the cash to fund an exploration program at its Mongolian tenements and future coal acquisitions.

C@ said it had issued a supplementary prospectus to the ASX to amend the terms of the capital raising which included a new plan to raise up to $17 million before costs via the issue of 34 million shares at an issue price of 50c.

Consequently, the minimum subscription was reduced from $20 million to $14 million.

C@ said it had to amend its capital raising target because of market uncertainty.

“Due to unforeseen adverse market conditions, the company’s share price has traded between $0.040 and $0.052 over the past two weeks,” C@ said.

“The company, together with the joint lead managers, consider the terms of the capital raising must be revised to ensure that the company is able to raise sufficient funds to complete the acquisition and the change of activities.”

The company acquired eight highly prospective Mongolian coal licences in October after it purchased all of the issued capital of BDBL, a subsidiary of Peabody-Winsway Resources.

The licences cover approximately 625sq.km and are close to existing producing assets and infrastructure, with energy-hungry China located across the country’s border.

A former optical company, C@ is planning to change its name to Draig Resources to more accurately reflect the company’s change in activities.

Shareholders approved the revised capital raising and company name change at an annual general meeting on Wednesday.