Mining firm Atlantic has admitted that there are delays in reviving its Windimurra vanadium mine in Western Australia. To address the delay, the firm will resume trading after a self imposed trading halt.

Atlantic seeks to raise AUD 25 million from the public offer of 21 million shares at AUD 1.20, per share which the miner will use to finance improvements and modifications that could speed the mine's 18 month timetable to reach full capacity. The firm completed the buy in of the Windimurra mine from Mineral Resources in 2010 after it went into receivership.

JP Morgan Australia is the only lead manager for the fund raising. The 12.1 million shares placement has been fully subscribed. Another 8.7 million shares were subscribed by investors directly with Atlantic.

(Sourced from www.ibtimes.co.uk)