Blumont to invest in Cokal via private placement
Monday, July 8 2013 - 01:54 AM WIB
ASX-listed Cokal Limited announced on Monday a private placement in the company to Blumont Group Ltd. The company will issue Blumont with 60,057,034 fully paid ordinary shares in Cokal Ltd at a price of A$0.16 per share, raising A$9,609,125.44, before costs. On issue, the placement shares will rank equally with all other ordinary shares then on issue.
The placement will be issued in 5 tranches in line with the company?s planned drilling and detailed Engineering plans and will be used to fund that work and for general corporate purposes.
The placement will be completed within Cokal?s 15 percent placement capacity, the placement shares are expected to be issued within days of receipt of the applications funds.
Blumont is a Singapore based investment company which is listed on the Singapore Exchange and has a market capitalization of approximately A$2 billion. Blumont has recently been expanding its interests in mining.
?The placement to Blumont will provide sufficient funds to complete the drilling program and the definitive feasibility study for Bumi Barito Mineral (BBM) project,? said Cokal Executive Chairman Peter Lynch.
The company remains focused on getting the BBM project into production in 2014 and Cokal continues to receive strong interest from some of the world steel industry?s biggest participants.
Editing by Reiner Simanjuntak