Cokal receives 4th tranche of A$9.6m placement to Blumont
Friday, October 25 2013 - 12:34 AM WIB
ASX-listed global metallurgical coal group, Cokal Limited announced Friday that it has received the fourth tranche (A$2 million) of the A$9.6 million private placement to Singapore-based Blumont Group Ltd. This brings the total funds received to date as A$9.1 million.
As announced on 8 July 2013, the Blumont Group placement will be issued in 5 tranches and will raise a total of A$9.6 million by November 2013. The money will be used to help fund drilling program and feasibility study at Cokal?s Bumi Barito Mineral met coal project in Central Kalimantan.
Cokal has today issued the fourth tranche of 12,500,000 fully paid ordinary shares at a price of A$0.16 (raising A$2,000,000 before costs). On completion of the fourth allotment a total 56,875,000 fully paid ordinary shares will have been issued under the Blumont Placement.
Editing by Reiner Simanjuntak