Skip to main content

Malabar to raise cash and delist from ASX

Published by
World Coal,


Australian coal mining junior, Malabar Coal, is aiming to raise AUS$2 million to fund its Spur Hill underground metallurgical coal project, according to a recent company announcement.

The fund raising will occur through a one-for-eight entitlement offer to existing shareholders. Seven existing shareholders, including four current company directors, will underwrite the offer and take up their entitlements.

Including the underwriters, Malabar shareholders holding 71.98% of the shares in the company have agreed to take up their respective entitlements. The company expects around 20 million new shares will be issues as part of the offer.

The company has also announced its intention to delist from the Australian Stock Exchange (ASX).

The decision comes on the back of the company’s limited liquidity, a lack of interest from brokers – a situation the company blames on the current conditions in the coal industry – and the cost of maintaining the listing. The delisting is subject to shareholder approval.

Edited by .

Read the article online at: https://www.worldcoal.com/exploration-and-development/01092016/malabar-to-raise-cash-and-delist-from-asx-2016-2341/

You might also like

Dyno Nobel

[Webinar] Breaking new ground in mine blasting

Dyno Nobel will be discussing the latest innovations for making mine blasting more productive and less costly. Register for free today »

 

New Chair appointed for MCA

The Minerals Council of Australia (MCA) has today appointed a new Chair to lead the organisation.

 
 

Embed article link: (copy the HTML code below):