Cokal receives final tranche of A$9.6m private placement to Blumont
Wednesday, November 20 2013 - 01:24 AM WIB
ASX-listed global metallurgical coal group, Cokal Limited, announced Wednesday that it has received the fifth and final tranche (A$509,125.44) of the A$9.6 million private placement to Singapore-based Blumont Group Ltd.
The company said in a statement that it has today issued the fifth and final tranche of 3,182,034 fully paid ordinary shares at a price of A$0.16 (raising A$509,125.44 before costs). A total of 60,057,034 fully paid ordinary shares have now been issued under the Blumont Placement. Cokal is now focused on putting in place the necessary funding to start construction on the BBM coking coal project and is currently in project financing discussions with a number of parties.
The BBM Coal Project (IUP 188.45/149/2013) is situated in Central Kalimantan, Indonesia in the prospective metallurgical Upper Barito Coal Basin , Regency of Murung Raya. The Project covers an area of 15,000 hectares. The Project is adjacent to the BHP Billiton?s, Indomet Coal, Joloi Project in Murung Raya Regency.
BBM currently has a JORC Resource of 264 Million tons (Mt) in multiple seams comprised of 10.5Mt Measured, 13.5Mt Indicated and 240Mt Inferred Coal Resources. Cokal is completing definitive studies and obtaining the necessary approvals with the aim of commencing construction in late 2013 which would see first production occur in 2014.
Editing by Reiner Simanjuntak