Cokal secures first tranche of A$9.6 million private placement
Thursday, July 18 2013 - 05:17 AM WIB
ASX-listed global metallurgical coal group Cokal Limited secured the first of five tranches A$9.6 million private placement to Blumont Group Ltd amounting A$2.6 million.
The company announced on Thursday the first tranche of 16,250,000 fully paid ordinary shares at a price of A$0.16 or received A$2.6 million before cost.
The placement will be issued in 5 tranches by November 2013 in line with the company's drilling and detailed engineering plans and will be used to fund the project and general corporate purposes.
"The placement to Blumont will provide sufficient funds to complete the drilling program and definitive feasibility study for Bumi Barito Mineral (BBM) project," said Cokal Executive Chairman Peter Lynch.
The company focuses 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 Tri Subhki Rakhmatullah