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/