Cokal increases capital raising to $1.5m

By Ruli Setiawan

ASX-listed coking coal mining firm Cokal Limited announced Monday that due to the interest in the A$1.2 million private placement previously announced on July 22, it has been decided to increase the private placement by A$300,000 to A$1.5 million.

Cokal said in a statement that the placement will provide working capital for the company which will enable it to continue to develop funding opportunities for its Indonesian metallurgical coal projects

The company said it will issue 18.75 million fully paid ordinary shares in Cokal Ltd at a price of A$0.016 per share, raising A$300,000. There are no fees payable by Cokal in relation to the placement. On issue, the placement shares will rank equally with all other ordinary shares then on issue.

?The placement will be completed within Cokal?s placement capacity and accordingly no shareholder approval is required or will be sought,? the company said.

Editing by Reiner Simanjuntak