The mining company, Endocoal is all set to raise $17 trillion through a public issue, which it plans to come up with very soon.

The money is going to be used in the exploration of coal in the Bowen Basin of Queensland.

The company claims that it owns the largest reserves of possible coal exploration fields in the Queensland's premiere coal producing region.

Talking about the prospects, the company said in a statement that Endocoal has under its ownership ten exploration tenements. In all they cover an area of approximately 5,000 sq kms. in the Bowen Basin.

All these tenements are in close proximate of the existing coal resources, coal mines and other operations. This also includes the much needed infrastructure containing both rail and roads.

The company further added that it has managed to get license for six of these tenements and talks are on for the others.

Endocoal has already filed its prospectus for the IPO with the Australian Securities and Investments Commission. It is looking forward to raise 28.3 million shares with each priced at 60 cents.