Cockatoo Coal raises AU$ 150.8 million for development and exploration projects
Cockatoo Coal Ltd has announced a fully underwritten AU$ 150.8 million equity raising to acquire five coal assets located in New South Wales and Queensland, Australia.
The company previously announced that a consortium comprising Cockatoo, Korea Electric Power Corp. (KEPCO) and POSCO had entered into various conditional agreements with Anglo American plc for the development and exploration assets for AU$ 580 million.
A statement released by Cockatoo said: “Proceeds from the equity raising will be used to fund Cockatoo’s contribution to the purchase price of these assets and for working capital.”
The AU$ 150.8 million equity raising will consist of AU$ 96.4 million two for five accelerated renounceable pro-rata entitlement offer at an issue price of AU$ 0.40/new share. The remaining AU$ 54.4 million will be raised through an institutional share placement, with the price determined via an institutional bookbuild with an underwritten floor price of AU$ 0.43.
Read the article online at: https://www.worldcoal.com/coal/15092010/cockatoo_announces_equity_raising/
You might also like
A coal comeback may be taking place in the US
Matt Mackowiak, Director of Government Affairs at Core Natural Resources, comments on the recent signing of four executive orders by US President Donald Trump that will help propel the use of coal.