Cluff Natural raises 2m pounds in funds via placing

Cluff Natural Resources was a heavy faller on Tuesday after the group placed and subscribed 66.67m shares at 3p each. The placing is expected to raise £2m, which will be used to advance its deep underground coal gasification licences in the UK as part of its plan to unlock energy by converting untapped coal into gas.Funds will also be utilised to strengthen the balance sheet, to support further licence and planning applications, the assessment of additional natural resources opportunities and ongoing working capital.Algy Cluff, founder, Chairman and Chief Executive of Cluff Natural Resources, said: "I am delighted to have secured this funding in order to progress the five Deep UCG licences we have successfully secured in the UK in 2013. "With an estimated 1.75bn tonne total coal resource within our portfolio we are eager to commence the necessary steps to unlock this stranded energy in order to address the UK's drastic energy shortfall and create value for shareholders." NR