Cokal raises second tranche A$2.25m from Blumont
Tuesday, August 20 2013 - 02:08 AM WIB
ASX-listed coking coal group Cokal Ltd has received a second tranche A$2.25 million from SGX-listed investment company Blumont Group Ltd, the two companies said in separate statements Monday.
As announced on July 8, Cokal will raise a total of A$9.6 million from Blumont in five tranches via private placement mechanism. Cokal will use the funds to help finance drilling program and definitive feasibility study of its Bumi Barito Mineral coking coal project in Central Kalimantan, Indonesia.
With the completion of the second tranche funding, Cokal has received a total of A$4.85 million from Blumont. The latter company now holds approximately 6.87 percent of the total issued share capital of Cokal Ltd.
Editing by Reiner Simanjuntak